Individuals finance Romania’s public debt

Romanians are the main financiers of Romania’s public debt, given that banks buy government bonds with money from individuals’ deposits, said Ionut Dumitru, president of the Fiscal Council, cited by local Agerpres. The public sector and companies have deficits, whereas the individuals are the only ones who have savings. Individuals have bank deposits worth about EUR 29.4 billion, about EUR 1.33 billion in life insurances, some EUR 3.34 billion in pension funds, EUR 3.39 billion in asset management and some EUR 723 million directly in government bonds. Individuals thus indirectly own government bonds worth some EUR 21 billion, plus the EUR 723 million direct government bonds. editor@romania-insider.com