In the case of Romania, we can assert that, at least in the period 2007-2013, the massive sovereign loans didn’t
contribute to the stimulation of economic growth, but, rather, to the counteracting of the global crisis effects, as well
as of the adverse action of internal factors which made the country run the risk of a financial destabilization. The
major impact on the government public debt increase in this period was caused by the package of external financing
from IMF, EU and other financial institutions (The World Bank, EIB, EBRD), amounting to about 20 bn euro,
agreed, at the request of the Romanian authorities in emergency conditions, in April 2009