According to Basescu, Romania must borrow from foreign and local markets EUR13.5 billion to cover debts from 2007-2008, and EUR2.5 billion to finance a budget deficit of 1.9% of the gross domestic product.
The head of state said Romania agreed to join a EU fiscal union pact which caps structural deficits at 0.5% of the GDP. He said Romania will stay within the 1.9% deficit target stated in the draft budget for 2012.