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6,000 exporters have gone bankrupt since Romania's EU accession

| Thursday, May 28, 2009

Approximately 6,000 exporters have gone bankrupt since Romania's accession to the European Union, the main reason being the incapacity to pay VAT to suppliers, the President of the National Association of Exporters and Importers (ANEIR), Mihai Ionescu, said Wednesday.
Number of Romanian exporters has dropped from almost 16,000 to around 9,800, said the ANEIR head.
"The exporters did not have money to pay the VAT to their suppliers, after which they could not resist until the Fisc would return them the money," Ionescu explained.
The ANEIR president also said the exporters had been affected from the accession to the European Union until now by the currency risk, being strongly disadvantaged by the appreciation of the leu, especially when the rate reached up to 3.10 lei / euro, in July 2007.
Mihai Ionescu said that exports fell by 63% in the first decade of this month compared to the same period last year, which signals the worsening of the situation because of the financial crisis. The only exception was the automotive sector, where Romanian exporters were helped by the "Rabla (scrap cars)" programme in Germany, according to the ANEIR head.
The German government has recently introduced a 2,500-euro scrap incentive for owners of cars older than nine years, when buying a new model. Some consequences of the measure were not anticipated by the government. Thus, the German consumers would not give up their cars older than nine years for a new Mercedes, BMW or Audi, which remain expensive even with the bonus of 2,500 euro, and go for Dacia's 7,500-euro Logan model, where the reduction is 33% on the car's list price.
Dacia Logan sales in Germany increased six/fold in February, and the model has received the status of "ironic symbol of the crisis" on this market.

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