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Biggest Party in Romanian Coalition Set to Demand PM's Resignation, Political Crisis Looms
- On Monday, Romania's Social Democrats are expected to withdraw support for Liberal Prime Minister Ilie Bolojan, leaving the coalition government without a parliamentary majority and triggering political instability.
- Formed 10 months ago to counter the surging far-right, the four-party coalition has faced constant internal clashes over necessary economic reform measures required by the European Union.
- Bolojan stated late Sunday he will not resign; instead, he plans to appoint interim ministers from the existing cabinet to hold redistributed portfolios for 45 days.
- Spreads on Romania's dollar bonds maturing in 2036 widened 28 basis points to 256 bps as investors worry that abandoning the reformist path could destabilize finances.
- Failure to implement reforms by August risks losing 11 billion euros in European Union funds, while the hard-right Alliance for Uniting Romanians may file a no-confidence vote in coming weeks.
36 Articles
36 Articles
Romania's ruling four-party coalition stands before the end: with the Social Democrats (PSD) on Monday, the largest ruling party withdrew confidence from the liberal head of government Ilie Bolojan because of initiated reforms and austerity measures and called for him to resign. Otherwise, the PSD ministers would be withdrawn from the cabinet. However, Bolojan wanted to remain and countered that the PSD would only push itself against responsibil…
Social Democrats from the ranks of the Romanian ruling coalition today withdrew their support for liberal Prime Minister Ilie Bologhan and called for his resignation, which could cause months of instability that would threaten the withdrawal of EU funds and the country's credit rating.
The main coalition party has withdrawn its support for the Prime Minister, who may now have to step aside.
After an in-party vote, the Social Democrats want to withdraw the confidence of Romanian Prime Minister Ilie Bolojan. The government is not yet a year old.
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