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Romania's economy reached rock bottom and now goes through the final stage of the crises, which mean "huge" budget restrains, said European Investment Bank vice-president Mathias Kollatz-Ahnen.
"The crisis is not over. People are sometimes over optimistic, while other times they are over pessimistic. It is clear now that those stating that the crisis was over were among the over-optimistic type," said Kollatz-Ahnen in a press-conference in Bucharest.
He also said that a crisis goes through four major phases, and that Romania is experiencing the last one, which has to do with the strains put on the budget.
"During an economic crisis, the first problems hit the financial sector. Then the real economy gets hit till it reaches rock bottom. It follows a slight economic recovery accompanied by huge public budgetary restraints. We are currently experiencing the fourth and last stage, which is still, part of the crisis proper," added he.
Antena3
Translated by AAP
