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Saturday, May 08, 2010

Romania to Cut Wages and Pensions to Appease IMF

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.'

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