Today's ruling by the Constitutional Court makes it likely that the IMF Board will postpone discussing Romania's review, and therefore the next tranche of the IMF loan will also be delayed”, Kenneth Orchard, Moody’s analyst said.

However, Moody's perceives this as temporary issue and not a fundamental break in the program.

The most likely course of events, Orchard continued, is that the government takes remedial action, probably raising some taxes, and the IMF/EU program will continue. The government's recent actions demonstrated strong commitment to the IMF/EU program, and Moody's expects that commitment to continue.