The Government survived the no-confidence vote |
Autor: Bancherul.ro
2010-06-16 12:32 |
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Raiffeisen Research: As we expected, the government survived the opposition’s no-confidence motion on Tuesday. There were 228 votes for the no-confidence vote (against the government), while there were needed 236 votes to pass the no-confidence vote. As a result, the laws aimed at reducing the wages in public sector by 25% and social transfers (pensions, unemployment benefits) by 15% are considered to be approved by the Parliament.
The opposition parties said that they would now ask the Constitutional Court to decide if the two laws are in line with country’s fundamental law. While there is still some uncertainty regarding the decision of the Constitutional Court, we think that it would be favourable.
We think the leu should benefit following yesterday’s vote and we see chances for appreciation in the following period, especially if the sentiment on the external markets would improve.
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