Romanian President Traian Basescu: the EU bureaucratic system is too slow in analyzing the recapitalization of CEC

Romanian President Traian Basescu declared on Tuesday that the government needs to take action in the case of CEC’s recapitalization and should not wait for the EU decision because their bureaucratic system is too slow. Basescu added that excessive bureaucratization is not compatible with the crisis.

Basescu declared that Romania needs to accelerate infrastructure works, as the government allocated some 9 billion euro in infrastructure investments. Also on Tuesday, the President announced that Romania will reduce its deployed troops from 2,067 to 1,667 military personnel as some operations close, like the Iraqi one.

Basescu’s main declarations regarding CEC’s capitalization

• the government allocated the money, an approval is needed from Brussels

• the delay does not help in time the medium sized companies affected by the crisis

• French President Sarkozy declared that in time of crisis, the states need to take action; Basescu said that the Romanian executive should not wait for a EU decision on the matter

• Basescu declared that there were many cases when states went on with capitalization of banks without the approval of the EU