Decades after the fall of the communist regime in Romania, one should assume that privatisation as well as democracy have become clearly defined processes in an emerging economy.
Well no, not exactly. Democratic processes seemed highly questionable last summer during the President’s impeachment by the majority in Parliament as well as other oversight justice mechanisms in place under the EU surveillance.
Privatisation is as well a risky issue: severe austerity cuts implemented in 2010 with long standing implications on economic recovery have failed to reach state-owned companies. Hiring external managers meant to sort state-owned mess, has been a failure. Even selling such heavily indebted companies does not do the trick as no investor wants to acquire business illusions.
Each Government seems to lack the will to apply austerity to what has emerged as a protection area for greed and lack of accountability. With the IMF urging the State to hurry up the process in 2013 and the low prices on the market, these companies seem to be up for grabs for investors willing to fish in troubled waters.