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Socol, Cristian

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2 articles of this author have been cited in the European Press Review so far.

Contributors - Romania | 21/05/2012

Greek bankruptcy unlikely

Speculation over a Greek euro exit is unsettling Romanians because Greek banks hold roughly a quarter of the shares in local banks. The economist Cristian Socol nevertheless remains optimistic in the blog portal Contributors: "The Euro Group will not let Greece go completely bankrupt because the costs of an uncontrolled bankruptcy would be higher than keeping Greece in the Eurozone. ... In addition, Romania has now learned to deal institutionally with unwanted macro-economic events. There is a crisis management group at the National Bank BNR which is preparing for every scenario. ... Added to that, Romania has one of the most solid banking systems in the EU. And in fact the Greek banks are really quite solvent. ... For that reason we should remain rational, keep calm in our judgements and not get all in a flap at the first negative signs. It is hard to distinguish between passing and permanent threats, but it is important. Otherwise exactly what is written in the macro-economic textbooks will happen: the prophesies will become self-fulfilling."

Blog - Romania | 16/12/2011

West European austerity fairer than Romanian

The austerity measures implemented in the summer of 2010 by Romania are unthinkable in Western Europe, the director of Austria's Erste Bank, Andreas Treichl, pointed out in an interview this week. The state cut the salaries of its officials by 25 percent and raised value added tax from 19 to 24 percent. But there's just no need to do so, writes Cristian Socol in the blog portal "The West, however, would never have gotten into such a tight spot, making such measures necessary, in the first place. Because the West has a fairer approach to economising: it plugs up the tax loopholes, cuts superfluous expenses and sets priorities in its investments. Cuts in civil servant salaries would have been the last resort, along with increasing the VAT - a tax that reduces purchasing power. ... In the West such austerity measures would never have been implemented. There they have a knack for doing what's good for the economy. They know that good times are followed by bad times and keep reserves for when those times come. ... And another thing: In the West people are treated with due respect, no matter who they are."

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