{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Romania to get 20 billion euros in rescue loans' data-url='/boclips/videos/5c54be39d8eafeecae13a089' data-video-url='/boclips/videos/5c54be39d8eafeecae13a089' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nRomania to get 20 billion euros in rescue loans\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e24 March 20091. Exterior of presidential palace2. Romanian President Traian Basescu shaking hands with officials from International Monetary Fund, European Union officials and World Bank representatives3. Jeffrey Franks, the head of the...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e24 March 2009\u003cbr/\u003e1. Exterior of presidential palace\u003cbr/\u003e2. Romanian President Traian Basescu shaking hands with officials from International Monetary Fund, European Union officials and World Bank representatives\u003cbr/\u003e3. Jeffrey Franks, the head of the IMF mission\u003cbr/\u003e4. Various of meeting between IMF mission, European Union officials and World Bank representatives and Basescu and his officials\u003cbr/\u003e25 March 2009\u003cbr/\u003e5. IMF bureau entrance in Bucharest\u003cbr/\u003e6. Set up of news conference\u003cbr/\u003e7. Cutaway cameras\u003cbr/\u003e8. SOUNDBITE (English) Jeffrey Franks, head of the IMF mission: \u003cbr/\u003e\"This support package would represent additional resources for Romania of about 20 (b) billion Euros. I should emphasis that this is an agreement what we call a staff level agreement.\"\u003cbr/\u003e9. Close of reporter taking notes \u003cbr/\u003e10. SOUNDBITE (English) Jeffrey Franks, head of the IMF mission: \u003cbr/\u003e\"You are fortunate in Romania, that you have now a banking sector that is relatively healthy and well capitalised. This is very key advantage that Romania has entering in this economic problem. However, it will be extremely important  that measures are undertaken now, to assure that the banking system remains well capitalised and solid.\"\u003cbr/\u003e24 March 2009\u003cbr/\u003e11. Bus stop with bank advertising \u003cbr/\u003e12. Stray dogs crossing street in front of bank \u003cbr/\u003e13. Family walking in street, zoom in to bank\u003cbr/\u003e14. SOUNDBITE (Romanian) Tamara Stroe, Local resident: \u003cbr/\u003e\"I understood that it will be even worse so I am very worried for the future of my family.\" \u003cbr/\u003e15. Various of banks\u003cbr/\u003e16. Main entrance of Romanian Financial newspaper 'Financiarul'\u003cbr/\u003e17. SOUNDBITE (English) Radu Tudor, Political analyst and newspaper editor of 'Financiarul':\u003cbr/\u003e\"We now are feeling the turbulence of the economical crisis. A crash maybe will happen in the next six months, and we need this money to be sure that Romania will not crash after the first wave of the economic crisis that is coming from Western Europe to Eastern Europe.\"\u003cbr/\u003e18. Pan exterior of banks \u003cbr/\u003e19. Cash machine delivering money \u003cbr/\u003eCrisis-hit Romania is to receive 20 (b) billion euros (26.9 (b) billion US dollars) in loans from a group of lenders led by the International Monetary Fund, officials said on Wednesday. \u003cbr/\u003eThe money will bolster government finances hard hit by the world financial crisis.\u003cbr/\u003eJeffrey Franks, the head of the IMF mission to Romania, told reporters that the organisation had agreed to a two-year bailout loan of 12.95 (b) billion euros (17.49 (b) billion US dollars). \u003cbr/\u003eThe first part, five (b) billion euros (6.7 (b) billion US dollars), would be available in the summer.\u003cbr/\u003eFranks said another five (b) billion euros (6.7 (b) billion US dollars), would come from the European Union, 1.5 (b) billion euros (2.01 billion US dollars) from the World Bank and the rest from the European Bank for Reconstruction and Development.\u003cbr/\u003eRomanian President Traian Basescu met officials from the IMF, EU and World Bank on Tuesday in advance of the announcement.\u003cbr/\u003eRomania is the third EU member to receive an IMF-led bailout loan after Hungary and Latvia, countries that all have been hit hard by the economic crisis in recent months. \u003cbr/\u003eEastern Europe has struggled with falling growth, sagging currencies and political turmoil from the crisis.\u003cbr/\u003eRomanian Prime Minister Emil Boc was expected to meet ministers later on Wednesday and approve the loan request.\u003cbr/\u003eFranks said that as a condition of the loan, Boc's centre-left government would take measures to gradually reduce the budget deficit.\u003cbr/\u003eThe European Commission said in a statement that a \"key element\" of the economic policy package was an immediate and sustained fiscal consolidation to limit the budget deficit to 5.1 percent of gross domestic product this year and to below three percent of the GDP in 2011.\u003cbr/\u003eThe country's public finances have been stretched by the economic downturn, with lower revenues from income and corporate taxes as well as higher costs on social security for the jobless. \u003cbr/\u003eThe financial system has also been strained as some international investors have pulled out their capital on fears about the stability of the country's economy.\u003cbr/\u003eRomania appears headed for recession this year after years of strong growth while unemployment is expected to rise by more than one-fifth to top five percent in April. \u003cbr/\u003eLabor Minister Marian Sarbu said this week there would be up to 800-thousand unemployed by the end of 2009, higher than estimated.\u003cbr/\u003eThere are also fears that a large number of the estimated two (m) million Romanians working in Italy and Spain may return as the global downturn hits those economies, in turn putting more strain on the Romanian economy.\u003cbr/\u003eAlready, Romania's car and steel industries have been laying off thousands of workers in recent months as the economic crisis bites. \u003cbr/\u003eThe formerly booming real estate market has also plummeted in recent months.\u003cbr/\u003eThe national currency, the leu, has lost about 20 percent since January 2008. \u003cbr/\u003eRomania's central bank warned last month that it might need help to shore up its foreign currency reserves, which amounted to 26.2 (b) billion euros (33.2 (b) billion US dollars) in December.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' 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