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IMF and EU delay Romania loan due to government collapse

RomaniaPosted by Chambers of Commerce Sweden - Southeast Europe Mon, November 09, 2009 15:07:26
The International Monetary Fund and the European Union told Romania on Friday that they will delay the next installments of a bailout loan package valued at more than $30 billion, until the country has a new government.

The lenders were responding to the collapse of Romania's coalition government last month, which froze the country's ability to enact spending cuts the IMF has demanded as a condition of its loan.

"We will proceed to the next disbursement once the political situation is resolved," Jeffrey Franks, head of the IMF's mission in Bucharest, told reporters, according to wire reports. (Wall Street Journal, Nov 9)

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