President Traian Basescu told the TVR public television channel on Tuesday evening that Romania has not got out of the economic crisis, but it is out of the danger zone, insisting that macroeconomic stability has to be consolidated.

'Let us be clear: we have not got out of any crisis. We are out of the danger zone, but we have to consolidate macroeconomic stability. We are no longer in a time when we have to cut. On the contrary, little by little, we will try to bring the public wages back to their value of before they were cut, when the crisis was in full swing, but there will be no joy,' said Basescu.

He added that economic equilibria have to be preserved, or else there will be major risks, such as defaulting on wages and pensions.

'In fact that is what we avoided by restoring economic equilibria, and we have not refused the last disbursement of the IMF loan because we had too much money, but because it was bound for the reserves of the National Bank, yet the National Bank currently has enough reserves to manage even difficult situations, such as an attack on the local currency.

If there were a massive attack and we had to cut the forex reserves drastically to defend the leu (RON), we would immediately make use of the money, which is in stand-by at the International Monetary Fund,' Basescu explained.