Romania’s Top Court Rules Pension Cuts Illegal

Romania’s Constitutional Court delivered a serious blow to the government’s plan to reduce its current deficit, ruling measures to cut pensions was unconstitutional, a decision that cannot be appealed.

The government was looking to reduce pensions by 15% as part of a larger financial austerity measure designed to cut spending so that the country would qualify for a $20 billion loan from the International Monetary Fund.

Prime Minister Emil Bloc had also backed the cutting of wages by 25% and welfare allowances as part of the austerity measures. To qualify for that IMF loan Romania had agreed to reduce its national deficit from 7.2% to 6.8%.

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