BUSINESS

The Economist: President Basescu’s fears may be justified

Traian Basescu’s statements concerning restrictions imposed by the Viennese authorities on the lending policy of Austrian banks operating in Eastern Europe “sounded like the lamentations of an Occupy Wall Street protester,” but the president’s fears are justified, according to a piece in “The Economist” which also refers to the risk of capital being leaked out to the Western banks, particularly the Austrian ones. President Basescu stated, two weeks ago, that European banks had made “huge profits” in Romania and argued a potential intention to bereave it of funding during a time of crisis would be “a lack of fair play,” voicing his hope the latest states to join the EU wouldn’t be left to pay for the banks’ “greed”.

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