Romania will get a fresh credit line of five billion euros ($6.8 billion) from the IMF and the EU after an emergency loan helped the country exit the crisis, president Traian Basescu said Sunday. "Under this deal, the IMF and the EU will place at Romania's disposal five billion euros" to be drawn only in case of emergency, he added. "A debt crisis is underway (in Europe) and we don't know how the situation in other states may evolve," Basescu explained. He stressed that the two-year agreement concluded by Romania in 2009 and due to expire in April had ended successfully. "The economy has been stabilised and the necessary measures have been taken to emerge from the crisis," he added. "The conditions to return to economic growth have been created. Romania's economy is out of the crisis.", he insisted. After severe recession in 2009 and 2010, the Romanian economy is expected to grow by 1.5 percent in 2011. The public deficit, which stood at 7.1 per cent of gross domestic … [Read more...] about IMF, EU grant Romania five-billion-euro credit line
Public credit service union
Crediting Improved Agriculture
(VEN) - The balance of outstanding credit for agriculture and rural areas came to just VND34 trillion at the end of 1998 but increased almost nine times a decade later, to almost VND293 trillion. It was a little more than VND315 trillion by the end of May, an average annual increasing of 21.7 percent. Expanding credit for agriculture and rural areas A representative of the State Bank showed the figures at a conference held recently in Hanoi to apply the policy on credit for agricultural and rural development. Nguyen Dong Tien, the deputy governor of the State Bank of Vietnam, said that millions of farming households and rural customers have obtained credit from banks. Many of them have developed production, shaken off poverty and made a fortune from rural products. Tien said that Decision 67/1999/QD-TTg, regarding several credit policies for agriculture and rural areas has acted as an engine for tapping sources of credit for investment in agricultural and rural development. … [Read more...] about Crediting Improved Agriculture
Olympics face travel woes as unions put squeeze on Cameron
Britain's Border Agency union said talks with the government on pay and jobs aren't planned until next week, making it unlikely that a strike at London's Heathrow airport on the eve of the Olympic Games will be called off. Previous talks failed because Home Office officials were bound by policy commitments, and the government needs to appoint negotiators with authority to make changes, said Richard Simcox, a spokesman for the Public and Commercial Services Union, which says it represents two-thirds of Heathrow immigration officers. "We don't want to strike, and we recognize the government are not going to solve everything overnight, but they're not willing to make any concessions on any points," Simcox said in a telephone interview. "We'd like to meet with them, and at the moment that meeting is in the diary for the end of next week." Home Office staff will walk out on July 26, the day before the opening ceremony for the games, according to the PCS, which is also seeking to halt a … [Read more...] about Olympics face travel woes as unions put squeeze on Cameron
European economy and corollaries of public debt
(VOVworld) - Demonstrations in Spain and Portugal are spreading and likely to become riots in protest of government measures to raise taxes and cut spending as conditions of an international bailout. Following the wake of Greece, Ireland, and Italy, the fourth and fifth largest economies of the Eurozone are deepening the region's public debt crisis. How to cure Europe's economic woes remains a big question, cutting spending and rising taxes hasn't proven effective. VOV's Ánh Huyền looks at the issue. Tens of thousands of Spaniards packed the center of Madrid over the past three days, staging a rally against government austerity measures, called by the Social Summit, an association of more than 150 organizations, and the Workers' Commissions and General Workers trade unions. Most of the protesters are government workers. They displayed banners accusing the Spanish Government of serving the interests of the international financial markets, the European Union, and the International … [Read more...] about European economy and corollaries of public debt
Politburo’s Resolution on guidelines and measures to manage public debts
The following is the translation of the Resolution for reference: I - CURRENT SITUATION AND REASONS 1- Over the past few years, the Party and the Government have attached importance to directing the implementation of a number of measures to enhance efficiency of the state financial-budgetary and public debt management, thus making significant contributions to ensuring the socio-economic development, national safety and security, realizing social justice and progress, addressing urgent issues related to natural disasters, diseases, environmental protection, climate change adaptation, and acceleration of international economic integration. Legal system, mechanisms and policies on the state financial-budgetary and public debt management have gradually improved towards openness and transparency to comply with international practices and standards, to meet the requirements of macro direction and management of the country during each specific period of time.2. In addition to these … [Read more...] about Politburo’s Resolution on guidelines and measures to manage public debts