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Marius Nedelcu, TransferGo
Cash will become obsolete and this will be the result of digital finance advancement»
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Basescu signs IMF agreement

October 2012 - From the Print Edition

President Traian Basescu said last month that he would sign the International Monetary Fund agreement despite having been absent for the negotiations, due to being suspended at the time. "I received the IMF agreement, signed by all Government members, including the Prime Minister, and I was about to say that I didn't even take part in the negotiation," the President said. "We looked at the Law of Treaties and we realised that the procedure was impossible without it. Nobody can ask me to abdicate my responsibilities as head of state. I will sign the agreement, even though I had nothing to do with the way the negotiations went."
Romania has an ongoing IMF precautionary agreement, worth EUR 3.6 billion, as well as a similar deal with the European Commission for available funds worth EUR 1.4 million and a credit line of EUR 400 million from the World Bank. The agreement with the international financial institutions was signed in March 2011.



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