Romania budget deficit go below 3pc

BUCHAREST: Romania's government should build the country's 2012 budget on a deficit much lower than the targeted 3 percent of gross domestic product, a level agreed the International Monetary Fund, President Traian Basescu said on Monday.

"The 2012 fiscal gap target should be revised because of financing costs. It's good to be much lower than 3 percent," Basescu told a news conference after meeting government ministers earlier in the day.

"A major goal is that the budget must limit borrowing levels. All assessments have showed that financing will be extremely costly. And this is not because of us."