Image by Ștefan Jurcă
Bucharest – BNR Palace (Banca Națională Română)
Romanian stocks plunged and bond yields jumped the most in over three years after the government unveiled surprise measures to curb the budget deficit by raising 10 billion lei ($2.5 billion) of extra revenue, including via a levy on the foreign-dominated banking industry.
Faced with a fiscal shortfall that’s in danger of breaching European Union limits, Finance Minister Eugen Teodorovici presented a package of what he called “bold” measures to boost revenue starting in 2019. The plan would also tax energy and telecommunications companies, cap natural gas prices and may revive a controversial initiative to overhaul the retirement system…
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