Prime Minister Ilie Bolojan declared on Wednesday that if measures were not taken to reduce the budget deficit, Romania could enter a brutal recession.

„If we did nothing or prolonged these measures for a long time, there would be several consequences that would mean the Romanian state becoming insolvent, our creditors, those who lend us money at present and whom we need in the future, because we cannot function otherwise, would not lend us money and we would not be able to cover state expenses, including salaries and pensions. Access to European funds is conditioned by the fiscal reform, we would no longer have access to European funds.Please think that we could not continue half of the investments that we have underway today on major highways, on railway lines in every locality in Romania, which would mean that we would practically enter a risk in which we would be degraded, we would enter the so-called junk category, which means that our country is no longer recommended for investments and very few foreign investments would come to such a country and we would enter a brutal recession, which would mean large job losses, high unemployment, an exchange rate that would depreciate massively and we cannot afford this at the moment,” said Ilie Bolojan, in a press conference at Victoria Palace.

AGERPRES