On Wednesday
\nmorning, there were signs that a rescuing compromise for Greece was a possible
\nscenario. The government in Athens would have accepted, with some amendments,
\nthe agreement proposal drafted by the international creditors and even
\ndisplayed some willingness to drop the
\nreferendum. Everything fell apart, however, in the afternoon, when the Greek
\nPrime Minister Alexis Tsipras announced that Sunday’s referendum would be held
\nas planned. Moreover, he called on his co-nationals to say ‘no’ to the program
\nproposed by the creditors. As a result of that, communication between Athens
\nand Brussels was cut and chances of it being resumed on Monday depends on the
\noutcome of Sunday’s referendum. European leaders have warned that a
\npredominantly ‘no’ would translate into exiting the Eurozone, but this is an
\ninterpretation that Tsipras vehemently rejects. <\/p>\n
<\/p>\n
The head of the conservative
\nopposition, the former Prime Minister Antonis Samaras, has called on the Greek
\ncitizens to say ‘yes for Europe’. Citizens’ sense of responsibility should
\nprevail over that of the Government, said Samaras, who believes that Greece is
\nnow in the most critical situation of
\nthe past decades. The Greek crisis is carefully observed in Bucharest
\ntoo. The Governor of the National Bank of Romania, Mugur Isarescu, has again
\ncalled for calm and wisdom, and has urged those who have deposits in banks with
\nGreek capital in Romania to refrain from acting on emotional impulse and withdraw their deposits. He has explained
\nthat all these banks are safe, well capitalized and subject to the Central
\nBank’s regulations, not to Greece’s decision. And, in case panic strikes, the
\nCentral Bank is ready to intervene. Mugur Isarescu:<\/p>\n
\n
<\/p>\n
<\/p>\n
The
\nNational Bank has adopted measures that will ensure liquidities even in those
\nsituations in which, because of some emotional reasons generated by rumors or
\noverreaction, the banks would find it hard to get liquidities in the market,
\ndespite their situation being a good one. Banks can secure liquidity, then
\ncan get liquid assets from the National Bank, the interest rate is low and the
\nonly ones who would lose in such a situation are the depositors. They would
\nwaste time, would lose interests, as small as it may be, and also they would
\nlose money in the form of withdrawal commissions.<\/p>\n
\n
<\/p>\n
<\/p>\n
On the
\nother hand, even if the situations of the two countries cannot be compared – as Greece is on the brink of financial
\ncollapse and Romania stands on a strong financial and banking ground – the Greek crisis is food for some serious
\nreflection on the relationship with partners such as the IMF and the EU. Mugur
\nIsarescu:<\/p>\n
\n
<\/p>\n
<\/p>\n
The
\ninsecure financial background on the one hand, dominated by the situation in
\nGreece and in the Eurozone in general, and the domestic context on the other,
\nare evidence that the agreements with our international partners, the IMF and the EU, must be maintained, in
\nvarious forms. I believe that negotiations will continue, and it’s good that
\nthey will, because this is a matter of credibility.<\/p>\n
\n
<\/p>\n
<\/p>\n
Just like the IMF and the European
\nCommission, Mugur Isarescu does not believe that there is enough economic
\nevidence to justify the fiscal relaxation initiated by the government, which is
\na bone of contention between the
\nRomanian executive and the international financial institutions. <\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
No matter how the situation unfolds in Greece, the Greek banks in Romania will not be harmed, says the Governor of the Central Bank Mugur Isarescu<\/p>\n","protected":false},"author":110,"featured_media":64619,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[37738],"tags":[28953,28903,32145],"coauthors":[],"class_list":["post-64618","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-today-in-the-news","tag-greece","tag-imf","tag-romanian-central-bank"],"acf":[],"yoast_head":"\n