Financial Press Review, 3 June

The Curierul Naţional and the Bursa quote the statement that US Ambassador in Bucharest gave: ‘Romania has huge potential to expand and develop, if the problem of transparency is solved’. ‘The international community wants to see that reform is wanted inside the country too, not just outside it’, Ambassador Mark Gitenstein said.

Under the headline ‘What Are the Effects of the Changes in the Constitution?’, the Curierul Naţional quotes, among others, the opinion of financial analyst Florin Câţu that ‘excluding the presumption that the fortune has been obtained legally leaves room for political abuse or personal vendettas’.

The article also quotes the opinion of ING Bank analysts that ‘the fiscal limitation should be aimed at the structural deficit, not the budget one’ in a developing country such as ours.

The article that stipulates that no one can institute legal proceedings against administrative documents concerning fiscal or budget policies, the Ziarul Financiar reads in an article by Iulian Anghel entitled ‘How the Future Constitution Can Change the Economy’.

‘This limits the right of citizens to defend themselves against financial abuses from the state’, the newspaper quotes Political Science teacher Cristian Pârvulescu. The proposed changes consolidate the power of the head of state and will turn Romania into a presidential state.

‘The opposition violently rejected the President’s project yesterday’, the Ziarul Financiar reads.
The daily Bursa opens with the headline ‘FP lost the trail with Romgaz’, the state is keeping the 400 million RON donation made by Romgaz.No Fondul Proprietatea representatives could be contacted by the newspaper, which, however, prints the opinion of the Investors Association on the Capital Market President. ‘Romania – Laviniu Beze said – has once again proved that justice serves politicians who have no grasp of even the simplest economic concepts’.

This decision undermines the right of shareholders and condemns the Romanian capital market to underdevelopment, Beze also said.

The Curierul Naţional tries to answer the question ‘How Did the Black Meat Market Get to 50%? The unreported market of meat products has increased in the past 12 months by 10-15 percent and will continue to expand’.

‘The big bucks are made upon entering the country, where, for example, out of 24 cargos only one is taxed and the documents of another one are thrown out. Trade inside the community has encouraged this’, the newspaper quotes Sorin Minea, majority shareholder of cold meats producer Angst. The Ziarul Financiar prints an article entitled ‘Romanian Highways in 2012: partially finished work and traffic on one lane only’.

‘At the beginning of the year the highway company announced that 83 kilometers of highway and 34 kilometers of ring roads will be built this year. Mid-year, the same company says that not even one kilometer is going to be finished this year’.
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Translated by: Gabriela Lungu
MA Student, MTTLC, Bucharest University