Erste CEO: Romania's "Brutal" Austerity Measures Show Good Coping Mechanisms
The austerity measures taken in Romania were "brutal", unthinkable in a Western country such as Germany or France, but people in the East "have learned to live with brutality", according to Andreas Treichl, chief executive officer of Austrian group Erste Bank (EBS.RO).
Romania is a key market for Erste, and Treichl expects the country to recover from the crisis.
“The country is doing a lot of good things and has done a lot of good things and the country will recover and actually it’s on the way to do so,” Treichl told investors in a conference call.
Furthermore, the measures taken by Romania against the economic crisis are seen by Treichl as brutal.
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