Dramatic Increse In Romanian Businesses Going Bankrupt

More than 13.5 thousand Romanian firms with a turnover of over EUR 11.3 billion were included in bankruptcy proceedings during the period January 2008 – April 2010 as released by the publication of Bucharest financial newspaper Ziarul Financiar, which relies on elements of the National Trade Register Office in the country. During the same period 113 companies were led to bankruptcy proceedings with more than 250 employees on loss adding up to a total of 30 thousand jobs lost. Both the number and turnover of the bankrupt businesses is growing from year to year, and the total turnover of bankrupt companies rose from 2.3 billion in 2008 to 5 billion Euros in 2009 and 4 billion in the first quarter of 2010. If the number of bankrupt companies continues to grow at the same rate until the end of the year; the aggregate turnover will exceed 5 % of the domestic economy, compared with 1% in 2008.