The Romanian economy is recovering, at least in theory. After suffering the EU's deepest recession outside the Baltic states in 2009 and continued contraction in 2010, Romania's economy recorded an estimated 2.5% growth rate in 2011. But compared to boom-time gross domestic product (GDP) growth that frequently topped 6%, this is a very different environment for Romania’s banks.
“If there is a recovery, we have not felt it yet in the banking sector,” says Mihai Bogza, chairman of Greek-owned Bancpost and a former deputy governor of the National Bank of Romania.
