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

Publication Date: March 27, 2012
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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
Frequency: Quarterly
Subject(s): Banking sector | Conditionality | Ex post assessments | Fiscal consolidation | Fiscal reforms

Publication Date: March 27, 2012
ISBN/ISSN: 9781475502619/1934-7685 Format: Paper
Stock No: 1ROUEA2012002 Pages: 32
US$18.00 (Academic Rate:
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