Romania has just slashed civil service salaries and pensions. A sign of things to come, asks Nick Hood?

Flying into Timisoara, the day after Romania’s President announced swingeing cuts of 25% in salaries for civil servants and a 16% reduction in pensions for all those unlucky enough to be retired, was a sobering moment, writes Nick Hood. The pensions cut reverses most of a 20% increase rather recklessly brought forward by the previous government ahead of the 2009 election. Even more interesting was discovering the next day that the Vice-President of the Central Bank had been an insolvency practitioner in a previous commercial life. With the current state of the UK’s public finances, this may yet be a path sensibly followed by our own Bank of England….

Read the article on Management Today

A Traveller’s Tale: Financial reality bites in Romania

Romania has just slashed civil service salaries and pensions. A sign of things to come, asks Nick Hood?

Flying into Timisoara, the day after Romania’s President announced swingeing cuts of 25% in salaries for civil servants and a 16% reduction in pensions for all those unlucky enough to be retired, was a sobering moment, writes Nick Hood. The pensions cut reverses most of a 20% increase rather recklessly brought forward by the previous government ahead of the 2009 election. Even more interesting was discovering the next day that the Vice-President of the Central Bank had been an insolvency practitioner in a previous commercial life. With the current state of the UK’s public finances, this may yet be a path sensibly followed by our own Bank of England….

Read the article on Management Today

Postat de pe data de 20 mai, 2010 in categoria România în lume. Poti urmari comentariile acestui articol prin RSS 2.0. Acest articol a fost vizualizat de 135 ori.

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