Financial Press Review, 22 July

Damage control of the Greek crisis, government financing for European projects, decrease in commercial deficit for food and depth drilling in the Black Sea are today’s main topics covered by the financial press.

"Helping hand for Europe’s deadbeats: cheaper credits and extended maturity dates", the Bursa writes after yesterday’s Brussels summit on the Euro zone.

"One of the most important meetings in EU’s history", as the Ziarul Financiar describes it below the headline "Any good news for the EU is good news for Romania".

The same daily reads: "The NBR has taken measures so the Greek crisis does not spread".
The crisis could be psychologically contagious, NBR Governor Mugur Isărescu stated for the Xinhua press agency.

"All investments go on, nothing stops in Romania, be it from European or budget money", the Curierul Naţional reads below the headline "EU projects financed from the budget while under verification".
The European contribution will be recovered afterwards, the daily quotes PM Emil Boc.
"Wheat harvest – at least six million tons this year", the Ziarul Financiar quotes Minister Valeriu Tabără.
"Farmers planted more, encouraged by record-prices on global markets".

In the first quarter of the year, Romania exported 50 percent more food products than the same period last year.

At the same time, food imports have increased by 21 percent, thus commercial deficit for food products has reached 16 percent, 462 million euros.

"Those that do not practice textbook agriculture will not receive subsidies", the Curierul Naţional reads on the same topic.

The same article reveals that Romania’s arable land decreased by million hectares between 2002 and 2008 to make room for construction sites.

The Ziarul Financiar opens with "Petrom and Exxon Mobil bet over 100 million euros on the Black Sea".

"This is the biggest wager ever made on the Romanian underground: the quest for oil and gas reserves under waters".

The decision comes after two years of studies.

The same daily dedicates an article to the national football championship, which starts today almost anonimously, with shabby stadiums and a bigger-than-ever lack of interest from supporters,but with the same managers and financers that have depreciated a product with a 550 million euros annual potential in the past ten years.

Below the headline "Moment of truth at Petrom: the state’s offer ends today", the Ziarul Financiar writes about the "biggest transaction in the history of the Bucharest Stock Exchange".

"The future of the Stock exchange privatization program that the Government has promised the IMF depends on the result of this offer. The result of the Petrom offer will show how foreign investors perceive the Romanian capital market. 85 percent of shares sold by the state on offer will be offered to foreign investment funds.

Translated by: Gabriela Lungu
MA Student, MTTLC, Bucharest University