Romania’s finance minister Eugen Teodorovici stated on April 18 that the Government wants to give a chance to the public companies that have accumulated large volumes of debt to state with the fiscal amnesty, which he defined as financial restructuring, local Agerpres reported.

He probably referred to state-owned companies when speaking of “public companies.” Nonetheless, the financial restructuring will have as subject all Romanian companies, judging from his statements.

Teodorovici also explained that the Government wants to settle these debt issues “while it is still possible,” before the European Commission objects to the move as state aid.

“We want to give a chance mainly to the big public companies because in the following years they can no longer be supported by the state by various means. The European Commission, you know well, states clearly: this is illegal state aid, you have to recover the money. Afterward, in a year, or two, or three, five or so on, there is a risk that these companies will be closed down. And then, I say, if we are a responsible Government, we will have to do it this way,” the finance minister said.

Previously, Finance Ministry officials said that the penalties and interest owed by the companies in debt would be waived and the principal would be restructured, as part of the fiscal amnesty.

editor@romania-insider.com

(Photo source: Gov.ro)