Romania and Other Eastern European Nations Faces Economic Crisis

Romania to ask for financial help

The head of Romania's central bank said Thursday his country will ask the International Monetary Fund and the European Union for loans to help it fight the economic crisis.

"Romania's discussions with international and EU financing bodies refer to a program spreading over several years, because we have all the data to believe that this crisis will last," said Mugur Isarescu, the governor of the National Bank of Romania.

Like other countries in Eastern Europe, Romania is facing financial and economic difficulty after a period of rapid growth fueled in part by credit. Currencies across the region have fallen amid fears about the stability of banks in the region and concens that richer countries in Western Europe or the IMF may have to come to the rescue.

Hungary, Latvia and Ukraine have already turned to the IMF for help.

February 26, 2009

for complete article:
http://www.iht.com/articles/ap/2009/02/26/business/EU-Romania-Financial-Crisis.php