Moody’s salutes outcome of Romania’s referendum on justice

International rating agency Moody’s, in a commentary dedicated to the event and handed over to the financial markets on June 3, saluted the outcome of the referendum on justice launched by Romania’s President Klaus Iohannis, according to local G4media.ro.

“The outcome of the referendum demonstrates strong support for the anti-corruption fight,” the rating agency said, and the election result is “a positive factor” in the balance of risks assessed when calculating the country’s rating.

“The referendum was part of an attempt by the ruling party to fine-tune legislation in the justice system through emergency ordinances that could have included an amnesty for top officials convicted of abuse of power. The results of the vote are a positive institutional factor because they demonstrate the civil society’s attachment to the rule of law and the independence of the judiciary,” Moody’s said.

“We see the outcome of the referendum as rating positive because it demonstrates citizens’ intention to reverse the trend of negative institutional changes,” the rating agency commented on a more technical note.

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