Romania Feels Spain’s Austerity Through Remittances
As the property markets in Spain, Ireland, and Britain have dried up, a mass of Eastern European immigrants specialized in the building industry have found themselves without a stable source of income. The decline in remittances back to their home countries is similar to what we have seen in remittances to Mexico from the US. I last reported on this in March of 2009. But the decline is still hitting these countries hard.
For Romania, this is creating budgetary problems that impinge on its quest to join the Euro Zone. The Bloomberg video below explains.