Government budget balance

International borrowing is proof of responsibility, but the country's deficits are worrisome, the governor of the National Bank of Romania (BNR), Mugur Isarescu told a press conference, when asked about the latest loans contracted by the Ministry of Public Finance. "Worrisome, an element of concern or as you might want to call it, not of panic, however, are the country's deficits.

The European Commission took the first step on Wednesday to overhaul the fiscal rules that underpin the euro by launching a public consultation to help find common ground among deeply divided governments.

Turkey's central government budget balance posted a deficit of 123.7 billion Turkish liras ($21.77 billion) in 2019, the Treasury and Finance Ministry announced on Jan. 15.

Turkey's budget revenues rose 15.5 percent to hit 875.8 billion Turkish liras ($154.19 billion) year-on-year in the January-December period, according to the official data.

During the decade that just ended, Greece managed to deal with twin deficits that plunged the country into crisis and austerity. The country also managed to tame its public debt as, despite the fact that this grew both in size and as a percentage of gross domestic product, it is now considered to be sustainable thanks to the reduction of debt-servicing costs and the creation of a cash buffer.

Romania's government deficit ten months into 2019 is 2.84% of the Gross Domestic Product (GDP), a level that exceeds the estimate for the whole year, and if we do nothing in the next month and a half the deficit will exceed 4%, Finance Minister Florin Citu told AGERPRES on Thursday. "The deficit nine months into the year should have been 2.28%, but budget implementation at 9 months is 2.60%.

Fitch Ratings has affirmed Romania's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-' with a Stable Outlook, according to a Friday release of the credit ratings and research agency. Romania's Country Ceiling was affirmed at 'BBB+', Short-Term Foreign-Currency IDR affirmed at 'F3' and Short-Term Local-Currency IDR affirmed at 'F3', according to the release.

President Klaus Iohannis stated on Thursday that the former Government left a budgetary deficit of 29 billion and underscored the need for firm and efficient policies, to get the economy and public finances back on track, back to balance and sustainability.

The 2019 budget of the Single Social Security Entity (EFKA) allegedly refers to a "virtual reality," as if it were an imaginary, surplus-producing fund, and according to a senior government official the same goes for the last couple of years too.

Turkey targets to decrease the central government's budget deficit-to-gross domestic product ratio gradually until 2022, according to the country's medium-term fiscal plan.

Turkey's central government budget balance posted a surplus of 576 million Turkish Liras ($102 million) in August, the Treasury and Finance Ministry reported on Sept. 16.