Foreign debt of the Socialist Republic of Romania information
The foreign debt of the Socialist Republic of Romania were loans made by Socialist Republic of Romania under Nicolae Ceaușescu from international creditors denominated in hard currencies. These loans were used to buy technology, equipment and raw materials needed for the industrialization of the country.
As oil prices increased during the 1979 energy crisis, together with the rising international interest rates, Romania found it difficult to pay it back, leading to the necessity to request the IMF a line of credit. As such loans had strings attached (structural adjustment), Ceaușescu decided that Romania should pay all its debts, leading to the 1980s austerity policy in Romania.
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