Romania to Impose Cost Cuts at State-Owned Firms: Premier

Romania plans a set of reforms to overhaul state-owned companies and boost the fight against tax fraud as part of an effort to trim the budget deficit, Prime Minister Ilie Bolojan says.

• The cabinet will impose profitability criteria for the state-owned firms, limit the number of the management and supervision teams and reduce compensation as part of a raft of changes
• “Romania is loosing billions of euros in wasted profit from the state-owned companies, which artificially increase their expenses, mostly on wages,” Bolojan tells reporters in Bucharest. “We can no longer tolerate this situation.”
• The government will also change legislation ...