Romania

Romania will need to cut some 125,000 public sector jobs in 2011 to alleviate pressure on the state budget, Andreea Paul-Vass, economic counselor to the prime minister, said. Some 70,000 state-paid jobs should be cut this year, Finance Minister Sebastian Vladescu previously said. The nation has 1.36 million public workers, according to Bloomberg. Prime Minister Emil Boc said he will present to the parliament proposed austerity measures, which would slash public wages by 25 percent and pensions by 15 percent. These measures will enable Romania to access the next installment of a 20 billion euro-loan from the International Monetary Fund, World Bank and European Union, according to AP.