Tuesday headlines: RON depreciates heavily, Fiscal Code changes official, Romtelecom lowers tariffs

Romanian media

Bad news from Romania hurt forint, Romania market is too small – in Ziarul Financiar Euro up to new all time highs, NBR won’t intervene – in Ziarul Financiar Budget deficit climbs by another 1bn euros in May, to 3.1% of GDP – in Ziarul Financiar Reduced VAT rates of 9% and 5% remain unmodified – in Ziarul Financiar Romtelecom tailors voice and Internet offer for renewed consumption decline – in Ziarul Financiar 10 largest consumer goods firms: The crisis, visible in halved profits – in Ziarul Financiar Who has blown up the exchange rate. How much can BNR keep RON alive – in Gandul Romanians buy even five times more euros than on a regular day – in Adevarul The second wave of dismissals in the private sector – in Evenimentul Zilei Fiscal Code modifications, published in the Official Gazette. From July 1st-VAT of 24 percent, 20 percent deductible expenses on intellectual rights contracts, meal vouchers taxed 16 percent – on Hotnews.ro Retailers: The VAT increase triggers the increase in tax evasion, especially for food products – on Dailybusiness.ro Top ten countries based on bankruptcy risk. Romania goes back into top – on Wall-street.ro

International media

Spanish banks rage at end of ECB offer- in the Financial Times Siemens plans to set up bank - in the Financial Times Swiss franc hits fresh record against euro - in the Financial Times Apple Sells 1.7 Million iPhone 4s in Opening Weekend - in Wired News Swatch Group Founder And Chairman Nicolas Hayek Dies - in the Wall Street Journal