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Staff expenses should be reduced this year by eliminating 100,00 jobs, but this kind of mass layoffs require a strong political will, said Lucian Croitoru, advisor to the governor of the NBR, who said he doesn"t rule out the use of unpaid leaves this year. According to Mediafax, he said that the number of employees in the public administration sector has grown from 800,000 to 1.4 million, with hiring picking up speed between 2004 and 2008, which led to an overstaffing of the public sector. The advisor of the governor of the NBR also said: "The increase of every major tax at a time when the economy is in a freefall would represent a bizarre course of action, especially when public spending is inefficient. Raising taxes would not help the growth of the economy to resume".
Lucian Croitoru added that there the reason why banks aren"t cutting interest rates faster is the fact that demand for loans is low and also the fact that there is "a slight deficiency" of the banking system. The NBR official said he doesn"t think that the banks are holding back the recovery. He said that in every crisis, lending recovered 2-3 quarters after the economic turnaround.
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