Romania : Ex Post Evaluation of Exceptional Access Under the 2009 Stand-By Arrangement

Author/Editor:

International Monetary Fund

Publication Date:

March 27, 2012

Electronic Access:

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Summary:

This paper discusses ex-post evaluation of Romania’s exceptional access under the 2009 Stand-By Arrangement. Concerns about Romania’s external and fiscal sustainability have triggered significant increase in external borrowing costs as sovereign yields jumped to 9 percent. Banks also came under increasing pressure, with liquidity drying up from the interbank market. Rollover risks also increased as the maturity structure gradually deteriorated, and reserves coverage of shorter-term external debt declined. The large and front-loaded financing along with upfront fiscal actions has helped quickly to restore market confidence, with a successful return to private financial markets during the program period.

Series:

Country Report No. 12/64

Subject:

Frequency:

Quarterly

English

Publication Date:

March 27, 2012

ISBN/ISSN:

9781475502619/1934-7685

Stock No:

1ROUEA2012002

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

32

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