The loan from EC untied to justice reform as speculated

The European Commission’s memorandum on the 5 billion euro loan intended to support the fiscal balance in Romania has no strings attached related to the justice reform, as speculated in the media, representatives of the Finance Ministry told NewsIn.

Several media reported that Romania faces the danger of losing about a quarter of the external credit on dearth of significant reforms in the justice system and consistent measures to root out corruption. Moreover, earlier today the leader of the ruling Social Democrat Party (PSD), Mircea Geoana, declared at a meeting with European Union ambassadors that such a condition would be unfair.

Also, the first vice president of the other ruling party, Liberal Democrat Theodor Stolojan, told NewsIn that the European report mentions the justice monitoring mechanism in Romania, but does not interconnect the two.

“I do not believe there is a direct conditioning,” Stolojan said. He mentioned however such an intention existed, but was let go of.

Last week, a Social Democrat MEP Adrian Severin declared the loan from the EC is directly tied to carrying out justice reforms.

Yesterday, the finance minister said the first 1.5 billion euro of the money from the EC will be transferred to Romania by July 1. Today the Czech presidency of the union proposes Ecofin to tackle the financial assistance for Romania and follow the formal procedure.

Romanian president Traian Basescu told yesterday the Foreign Investors Council in the country that the first 5 billion euro installment, part of 20-billion euro external loan contracted, were transferred and should be received by the central bank (BNR) by May 6 the latest.

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