Login or Register
Welcome , Settings |  Logout

Romania Currency Hits Record Low as Government Falls

Friday, 27 Apr 2012 12:13 PM

 

Share:
More . . .
A    A   |
   Email Us   |
   Print   |
Romania's currency, the leu, hit a record low on Friday after a confidence vote toppled the country's government.

The currency fell to 4.4010 per euro, before recovering slightly to trade at 4.3975, 0.4 percent lower on the day.

Romania's government lost a confidence vote on Friday just two months after it took office, raising the prospect of months of political turmoil and questions over its austerity program.

The European Union's second-poorest member cut salaries and raised sales tax to put its economy on a more solid footing. But austerity has dragged on economic recovery and has now toppled Mihai Razvan Ungureanu just two months after he took office.

The motion had the backing of 235 MPs, compared with 231 needed to topple the government.

"A new and better government will be coming," said opposition lawmaker Dan Rusanu. A second, government MP confirmed the count.

The International Monetary Fund halted a review of Romania's 5 billion euro aid deal on Friday pending the formation of a new government, an official said.

"Talks would continue at a technical level. The review (which started April 24) cannot be completed as scheduled," Romania's IMF representative in Washington Mihai Tanasescu told Reuters.

"The IMF is now waiting to have a partner for discussion at a government level."

© 2013 Thomson/Reuters. All rights reserved.

Share:
More . . .
   Email Us   |
   Print   |
Around the Web
Join the Newsmax community.
Register to share your comments with the community. Already a member? Login
Note: Comments from readers do not necessarily reflect the viewpoint of Newsmax Media. While we attempt to review comments, if you see an inappropriate comment you can block it by rolling over the comment, clicking the down arrow and selecting "Flag As Inappropriate."
blog comments powered by Disqus
 
Email:
Country
Zip Code:
 
You May Also Like
Around the Web
 
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved