Reactions to the Greek Crisis

The results of Sunday's referendum in Greece had immediate echoes in Bucharest.

Bogdan Matei, 07.07.2015, 12:38

The results of Sunday’s referendum
in Greece had immediate echoes in Bucharest. Politicians displayed both
deference and concern regarding the Greek people’s vote against the austerity
measures requested by the country’s international lenders. Concerns are fuelled
by fears of this crisis spreading to other European economies. Separated on
Europe’s map only by Bulgaria and bound by a long-lasting political friendship,
Athens and Bucharest are partners at EU level and also allies within NATO.

Romania is the recipient of significant Greek investment, while Greece is a
favourite holiday destination among Romanian tourists. That is why Romania’s
president Klaus Iohannis has expressed hope for Greece’s European future. In a
message posted on Facebook, the president says that all EU member States should
continue to seek ways out of this crisis.

In turn, Prime Minister Victor Ponta
has stated that dialogue is the solution to the current crisis, rather than
unilateral decisions. Also on Facebook, the Prime Minister says that
irrespective of the path Greece opts for, recovery will take years of reforms
and sacrifices. As regards the effects of the crisis in Romania, Victor Ponta
recalls that our country has been reporting economic growth for the fourth
consecutive year, and that no external events could disrupt this positive
trend. Romania is nothing like Greece, Ponta says in his message, calling Greece a functional, predominantly
leftist democracy and criticizing those whom he calls tallibans or social
butchers, who stigmatize a country just because that country decided to make
its own, separate choices.

As regards the economic level, Greece’s four largest
banks currently hold 12% of Romania’s bank assets. However, Central Bank
spokesman Dan Suciu believes none of Greece’s decisions will influence the
Greek banks in Romania, as they are registered as Romanian legal entities. We
are talking about Romanian, not Greek banks, which at some point in the past
had Greek capital, Suciu explained. Greek banks operating in Romania comply
with the Romanian law, which guarantees all deposits of up to 100 thousand
euros in all banks in Romania. Dan Suciu says that from the point of view of
Romania’s National Bank, Romanian citizens have no reason to fear for their
deposits or cash reserves.