Romania prepares to oust PM Bolojan without clear replacement plan, country faces political crisis – Bloomberg

The Romanian parliament is preparing to consider a vote of no confidence in the government of Prime Minister Ilie Bolojan, which could lead to a new political crisis without a clear scenario for future governance. This was reported by Bloomberg, according to UNN.

Details

The initiative is supported by the two largest political forces – the Social Democrats, who recently left the coalition, and the far-right opposition. Debates regarding the resignation of the minority government are scheduled for Tuesday in Bucharest.

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Despite the fact that the no-confidence motion had sufficient support last week, the instability of inter-party agreements leaves a chance for Bolojan to remain in office. At the same time, even in the event of a change of government, the new authorities may face difficulties in advancing the reforms necessary to receive nearly 8 billion euros in EU funding.

Deficit and Rating Threat

Last year, Romania's budget deficit reached 7.7% of GDP, and without further steps, the country faces a potential credit rating downgrade and rising borrowing costs. Experts suggest that a technocratic or minority government could be a compromise, though its effectiveness would be lower.

The political crisis could also strengthen the positions of far-right forces, while the national currency is already near historic lows, and government bond yields have risen to the highest level in the EU.

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