Latest news with #MarcelCiolacu
News.com.au
12-05-2025
- Business
- News.com.au
Romania's far-right candidate clear favourite in presidential run-off
After triumphing in the first round of the presidential election, Romania's far-right candidate George Simion is tipped to win this weekend's run-off unless his pro-European rival can mobilise the masses who abstained last time. Simion -- a big fan of US President Donald Trump -- did better than expected in the first round, taking 40.9 percent of the vote on May 4. The 38-year-old is slated to take about 55 percent in Sunday's vote, according to the only poll published so far. Trailing far behind is the centrist mayor of Bucharest Nicusor Dan. Dan, 55, hopes undecided voters will turn out for him in a bid to prevent a nationalist shift under the eurosceptic Simion, who opposes sending aid to neighbouring Ukraine. The ballot will be closely watched internationally following the rare annulment of the vote held in November in the European Union country of 19 million people, which is a key NATO member. "Simion is clearly the favourite," Remus Stefureac, director of the polling company INSCOP Research, told AFP. He secured "twice as many votes as his rival in the first round" due in part to his popularity among expatriate voters, he said. Simion is also likely to benefit from Dan not having the explicit backing of the pro-European camp, which had supported another candidate. But concern among voters about the potential political and economic implications of a far-right victory might work in Dan's favour. - High stakes - The surprise resignation of Prime Minister Marcel Ciolacu and the collapse of the pro-European government coalition have "raised the stakes" of this election and "heightened emotions", Stefureac said. The new president will have the power to appoint a new prime minister, which will influence negotiations for a new parliamentary majority, he added. If he becomes president, Simion has vowed to get former far-right presidential contender Calin Georgescu "into power", potentially as prime minister. And Simion's nationalist AUR party could enter government. The election turmoil has caused the Romanian currency, the leu, to fall in recent days, increasing economic uncertainty in the EU's most indebted country, which has grappled with high inflation. Stefureac said these "fears" could boost the turnout from the 53 percent of voters in the first round. It would need to rise to 65 percent for the centrist candidate to have a chance of tipping the election in his favour. Simion and Dan have campaigned on the promise of "change" after decades of Romania being dominated by the same political parties, which both candidates say are corrupt. But the two men could not be more different. - Polar opposites - In a hard-fought and lengthy debate on Thursday, Dan became more combative in an attempt to shake off criticism that he lacks decisiveness. The mathematician insisted on the need to continue sending aid to Ukraine. "Without support for Kyiv, there can be no just peace," he said, pointing to "the national security risks posed by Russia's aggression to the whole of Europe". Romania has opened a training centre for Ukrainian fighter pilots and donated a Patriot air defence system to Kyiv. It also provides significant logistical support for the export of Ukrainian grain via its Black Sea port of Constanta. Simion, by contrast, defended "neutrality, not escalation with weapons". He alluded to potentially blocking European decisions on providing aid, as the head of state represents Romania at EU and NATO summits and can veto EU votes. Taking a page from Trump's book, he also vowed to demand "compensation for Romania's participation in the war effort so far". Simion has praised Hungary's nationalist Prime Minister Viktor Orban and promised to adopt "many of his positions" in Romania, a prospect that would pose new challenges for the EU. Fellow far-right politician Georgescu unexpectedly topped the November 24 vote following a massive TikTok campaign. That election was cancelled over claims of Russian interference, sparking sometimes violent protests. Tens of thousands of people rallied in Romania on Friday to demand that the government maintain the country's pro-EU stance.
Yahoo
12-05-2025
- Business
- Yahoo
Romania's far-right candidate clear favourite in presidential run-off
After triumphing in the first round of the presidential election, Romania's far-right candidate George Simion is tipped to win this weekend's run-off unless his pro-European rival can mobilise the masses who abstained last time. Simion -- a big fan of US President Donald Trump -- did better than expected in the first round, taking 40.9 percent of the vote on May 4. The 38-year-old is slated to take about 55 percent in Sunday's vote, according to the only poll published so far. Trailing far behind is the centrist mayor of Bucharest Nicusor Dan. Dan, 55, hopes undecided voters will turn out for him in a bid to prevent a nationalist shift under the eurosceptic Simion, who opposes sending aid to neighbouring Ukraine. The ballot will be closely watched internationally following the rare annulment of the vote held in November in the European Union country of 19 million people, which is a key NATO member. "Simion is clearly the favourite," Remus Stefureac, director of the polling company INSCOP Research, told AFP. He secured "twice as many votes as his rival in the first round" due in part to his popularity among expatriate voters, he said. Simion is also likely to benefit from Dan not having the explicit backing of the pro-European camp, which had supported another candidate. But concern among voters about the potential political and economic implications of a far-right victory might work in Dan's favour. - High stakes - The surprise resignation of Prime Minister Marcel Ciolacu and the collapse of the pro-European government coalition have "raised the stakes" of this election and "heightened emotions", Stefureac said. The new president will have the power to appoint a new prime minister, which will influence negotiations for a new parliamentary majority, he added. If he becomes president, Simion has vowed to get former far-right presidential contender Calin Georgescu "into power", potentially as prime minister. And Simion's nationalist AUR party could enter government. The election turmoil has caused the Romanian currency, the leu, to fall in recent days, increasing economic uncertainty in the EU's most indebted country, which has grappled with high inflation. Stefureac said these "fears" could boost the turnout from the 53 percent of voters in the first round. It would need to rise to 65 percent for the centrist candidate to have a chance of tipping the election in his favour. Simion and Dan have campaigned on the promise of "change" after decades of Romania being dominated by the same political parties, which both candidates say are corrupt. But the two men could not be more different. - Polar opposites - In a hard-fought and lengthy debate on Thursday, Dan became more combative in an attempt to shake off criticism that he lacks decisiveness. The mathematician insisted on the need to continue sending aid to Ukraine. "Without support for Kyiv, there can be no just peace," he said, pointing to "the national security risks posed by Russia's aggression to the whole of Europe". Romania has opened a training centre for Ukrainian fighter pilots and donated a Patriot air defence system to Kyiv. It also provides significant logistical support for the export of Ukrainian grain via its Black Sea port of Constanta. Simion, by contrast, defended "neutrality, not escalation with weapons". He alluded to potentially blocking European decisions on providing aid, as the head of state represents Romania at EU and NATO summits and can veto EU votes. Taking a page from Trump's book, he also vowed to demand "compensation for Romania's participation in the war effort so far". Simion has praised Hungary's nationalist Prime Minister Viktor Orban and promised to adopt "many of his positions" in Romania, a prospect that would pose new challenges for the EU. Fellow far-right politician Georgescu unexpectedly topped the November 24 vote following a massive TikTok campaign. That election was cancelled over claims of Russian interference, sparking sometimes violent protests. Tens of thousands of people rallied in Romania on Friday to demand that the government maintain the country's pro-EU stance. ani-anb-kym/gil/tw/giv
Yahoo
09-05-2025
- Business
- Yahoo
Romania's political crisis could affect external financing sources, S&P says
By Gergely Szakacs (Reuters) -Romania's political crisis and possible delays in a policy response to economic imbalances following the collapse of the coalition government this week could undermine some external financing sources, S&P Global said. Romania's central bank stepped in to prop up the leu on Thursday amid a surge in borrowing costs after hard-right presidential candidate George Simion's victory in a first-round vote deepened a political crisis in central Europe's second-largest economy. The eurosceptic Simion decisively swept the first round of the ballot on Sunday, triggering the resignation of leftist Prime Minister Marcel Ciolacu and the collapse of the pro-Western coalition government. S&P Global said the key risk for Romania, which runs the European Union's highest budget deficit, exceeding 9% of output, was how it will finance its large twin deficits moving into 2026 amid a prolonged political impasse and weakening growth. "The government's access to the Eurobond market has weakened, leading to pressure on the exchange rate and the domestic bond market," it said. "In addition, ineffective policymaking could make EU funds, especially from the Recovery and Resilience Facility, less forthcoming." Romania's economy grew just 0.8% last year, the slowest pace since the COVID-19 pandemic, with growth slowing each year since 2021. On Thursday a large employers' group said the political crisis raised the risk of pushing the country into recession. The leu, which crashed out of the tight ranges it had held onto for much of the past three years on Tuesday, trimmed its losses for the week below 3% on Thursday, but was still trading past the key 5 mark per euro. The 10-year bond yield rose by some 100 basis points from the start of this week to its highest level since November 2022. Poll shows hard-right contender Simion winning the May 18 run-off, but, regardless of the ballot's outcome, policymaking in Romania would become more fragmented, less stable, and less effective over the next few months, S&P Global said. "(This) could lead to weaker growth, fiscal, and external outcomes than our already pessimistic assumptions," it said. S&P Global said its post-election scenarios included an unstable minority government, which could attempt to move ahead with fiscal consolidation measures. A decision to call early parliamentary elections would further delay budget cuts and pressure refinancing efforts, while a third scenario saw the formation of a unity government with sufficient backing for fiscal stabilisation. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Reuters
09-05-2025
- Business
- Reuters
Romania's political crisis could affect external financing sources, S&P says
May 9 (Reuters) - Romania's political crisis and possible delays in a policy response to economic imbalances following the collapse of the coalition government this week could undermine some external financing sources, S&P Global said. Romania's central bank stepped in to prop up the leu on Thursday amid a surge in borrowing costs after hard-right presidential candidate George Simion's victory in a first-round vote deepened a political crisis in central Europe's second-largest economy. The eurosceptic Simion decisively swept the first round of the ballot on Sunday, triggering the resignation of leftist Prime Minister Marcel Ciolacu and the collapse of the pro-Western coalition government. S&P Global said the key risk for Romania, which runs the European Union's highest budget deficit, exceeding 9% of output, was how it will finance its large twin deficits moving into 2026 amid a prolonged political impasse and weakening growth. "The government's access to the Eurobond market has weakened, leading to pressure on the exchange rate and the domestic bond market," it said. "In addition, ineffective policymaking could make EU funds, especially from the Recovery and Resilience Facility, less forthcoming." Romania's economy grew just 0.8% last year, the slowest pace since the COVID-19 pandemic, with growth slowing each year since 2021. On Thursday a large employers' group said the political crisis raised the risk of pushing the country into recession. The leu , which crashed out of the tight ranges it had held onto for much of the past three years on Tuesday, trimmed its losses for the week below 3% on Thursday, but was still trading past the key 5 mark per euro. The 10-year bond yield rose by some 100 basis points from the start of this week to its highest level since November 2022. Poll shows hard-right contender Simion winning the May 18 run-off, but, regardless of the ballot's outcome, policymaking in Romania would become more fragmented, less stable, and less effective over the next few months, S&P Global said. "(This) could lead to weaker growth, fiscal, and external outcomes than our already pessimistic assumptions," it said. S&P Global said its post-election scenarios included an unstable minority government, which could attempt to move ahead with fiscal consolidation measures. A decision to call early parliamentary elections would further delay budget cuts and pressure refinancing efforts, while a third scenario saw the formation of a unity government with sufficient backing for fiscal stabilisation.
Free Malaysia Today
08-05-2025
- Politics
- Free Malaysia Today
Romanian far-right candidate wins first round of presidential election
Hard-right eurosceptic George Simion decisively swept the ballot with some 41% of votes. (EPA Images pic) BUCHAREST : Romania's Social Democrat Prime Minister Marcel Ciolacu faced calls to resign today after a far-right opposition leader won the first round of the presidential election re-run, heightening political uncertainty in the country. Hard-right eurosceptic George Simion decisively swept the ballot, with some 41% of votes, and will face Bucharest mayor, Nicusor Dan, an independent centrist, in a May 18 run-off. A ruling coalition candidate, Crin Antonescu, came third. A Simion victory could isolate Romania, erode private investment and destabilise Nato's eastern flank, where Bucharest plays a key role in providing logistical support to Ukraine as it fights a three-year-old Russian invasion, political observers say. It would also expand a cohort of eurosceptic leaders in the European Union that already includes the Hungarian and Slovak prime ministers at a time when Europe is struggling to formulate its response to US President Donald Trump. Several members of the ruling Liberal and Social Democrat (PSD) parties said the government was no longer viable. 'It is very clear that there must be a government without Marcel Ciolacu because he no longer has legitimacy,' Liberal senior executive and lawmaker Robert Sighiartau told reporters outside party headquarters in Bucharest. Coalition officials are expected to meet later today. Ciolacu rejected the idea of resigning when asked by reporters last night. 'The Social Democrats and the Liberals are in a very tight spot,' Cristian Pirvulescu, a political scientist, said. 'Even if this coalition continues, it will not do so for long, and the risk of fractures within both parties is very high.' The vote underscores simmering anger among vast parts of the Romanian electorate over high living costs and worries over security. Yesterday's vote came five months after a first attempt to hold the election was cancelled because of alleged Russian interference in favour of far-right frontrunner Calin Georgescu, since banned from standing again. Simion has said he could appoint Georgescu prime minister should he win. Romanian international dollar bonds tumbled, with the longest maturities taking the biggest hits. The 2053 maturity fell more than three cents to be last bid at 91.84 cents on the dollar, while the 2051 lost more than two cents. Local bonds also fell in price, with the 10-year local note yield jumping to 8.0%, the highest in more than three months. 'In our view, both Simion and Dan would bring some political instability as neither is linked to the current majority in parliament,' JPMorgan analysts said in a note today. Political risk has increased 'considerably', they added. 'While Simion can be pragmatic, if the Georgescu plan is implemented, then markets are unlikely to react positively,' the note said.
