FT labels Romanian executive as 'at best dysfunctional' and Traian Basescu as 'a bull-in-a-chinashop president'

FT labels Romanian executive as ‘at best dysfunctional’ and Traian Basescu as ‘a bull-in-a-chinashop president’

Newsroom 14/07/2010 | 15:47

The Romanian government is labeled as ‘at best dysfunctional’ and President Traian Basescu is pictured as ‘a bull-in-a-chinashop president’ in an article published by The Financial Times under the title “Romania’s VAT hike makes for grim GDP reading.”

Thus, pondering on the executive’s announced VAT tax increase from 19 to 24 percent, as an austerity measure necessary in order to keep within a 6.8 per cent budget deficit target agreed with the International Monetary Fund, the article writes that ‘a miserable few weeks for the country looks set to get even worse’ after finance minister Sebastian Vladescu warned that the economy would probably contract by more than 1.5 per cent this year.’

The article also deals with the recent floods that paralyze the country as well as with President Basescu’s outspoken protest against the executive’s decision to raise VAT, proposing a taxation of pensions instead.