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Romania is to cut wages and pensions in the public sector later this year to comply with an IMF-led rescue deal.
Romanian President Traian Basescu said the "programme to cut public expenses was inevitable".
Public sector wages will be cut by 25% and all salaries, including the minimum one, will be affected. Jobless benefits and pensions will be slashed by 15%.
Romania is the recipient of a 20bn-euro aid package from the IMF, the EU and the World Bank.
The country, as well as two other bailed-out states, Latvia and Hungary, have missed targets for cutting their deficits by significant margins.
Originally posted by Hx3_1963
Asia is re-setting PM's & Oil now...get ready Kiddies!
Originally posted by GreenBicMan
reply to post by worldwatcher
Yeah, I should have kept my short euro from 1.42 - but I was smart and used all margin to blow up on gbp/jpy - it was a rush though
1.26 was my target on EUR USD - I think this is the bottom, if not there is going to be major problems with EUR USD going by monthly charts.
I know it looks ugly now but this is the breaking point for EURO IMO