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First, if enacted into law, this measure would open a considerable extra gap within the 2011 budget and its deficit would exceed 4.4 percent of GDP, which is really a condition for the next IMF and EU disbursements to Romania. Second, the challenging but vital measures taken in July to fix Romanias fiscal problems are now beginning to bear fruit. Revenues are rebounding, expenditures are falling to a lot more sustainable levels, and confidence within the Romanian economy is recovering both here and abroad. Initiatives to continuously tinker with the tax system create instability inside the organization climate and undermine the economic recovery, said Franks in a recent statement.
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