Romania doesn't fundamentally need an agreement with the IMF, because it has a small budget deficit, a reduced debt as part of GDP and a balance of payments with a slight deficit, according to Philippe Lotte, president of BRD-GSG.

“Talks are not over yet, but even though a new agreement wouldn’t be closed, I don’t think it were something dramatic,” Lotte said, cited by local Hotnews.ro.

He also thinks that fewer international investors are now coming to Romania, compared to the period before the crisis, but he is optimistic that investment flows will resume on the medium term.

However, the consolidation of the banking system is a longer term process.

“This consolidation is not an urgent need, it won’t take place right away, but it’s a process that could last years.”

editor@romania-insider.com