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CEE: ROMANIA: Antonescu Confirmed As PNL's Presidential Candidate

CEE
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The National Council of the National Liberal Party (PNL) confirmed Crin Antonescu as its candidate for the upcoming presidential election, with coalition partners Social Democratic Party (PSD) and Democratic Alliance of Hungarians in Romania (UDMR) expected to announce their endorsements for Antonescu next week.

  • The governing coalition had reached a deal to field just one joint candidate after the shocking first-round victory of pro-Russian far-right Calin Georgescu in the eventually cancelled election held late last year. The decision to join forces is intended to boost Antonescu's chances, even as several consecutive polls have shown that Georgescu should remain a front-runner, if he is allowed to contest the repeat election.
  • The governing coalition's decision to rally behind Antonescu was not without controversies, with some PSD officials, reportedly led by ex-PM Victor Ponta, insisting that the ruling party should have its own candidate. Ponta repeatedly toyed with the idea of running himself, even as the Social Democrats signalled continued intention to back Antonescu. The PSD and UDMR are expected to formally endorse Antonescu during a congress on February 2.
  • Political istability is not conducive to the coalition government's efforts to come up with a credible plan to reduce budget deficit to 7.0% of GDP this year from 8.6% in 2024. Late last Friday, S&P revised the outlook on Romania's BBB- credit rating to negative, citing "increased political fragmentation" among the factors complicating delivery on fiscal consolidation targets. S&P as well as Fitch and Moody's all have Romania on the lowest investment grade.
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The National Council of the National Liberal Party (PNL) confirmed Crin Antonescu as its candidate for the upcoming presidential election, with coalition partners Social Democratic Party (PSD) and Democratic Alliance of Hungarians in Romania (UDMR) expected to announce their endorsements for Antonescu next week.

  • The governing coalition had reached a deal to field just one joint candidate after the shocking first-round victory of pro-Russian far-right Calin Georgescu in the eventually cancelled election held late last year. The decision to join forces is intended to boost Antonescu's chances, even as several consecutive polls have shown that Georgescu should remain a front-runner, if he is allowed to contest the repeat election.
  • The governing coalition's decision to rally behind Antonescu was not without controversies, with some PSD officials, reportedly led by ex-PM Victor Ponta, insisting that the ruling party should have its own candidate. Ponta repeatedly toyed with the idea of running himself, even as the Social Democrats signalled continued intention to back Antonescu. The PSD and UDMR are expected to formally endorse Antonescu during a congress on February 2.
  • Political istability is not conducive to the coalition government's efforts to come up with a credible plan to reduce budget deficit to 7.0% of GDP this year from 8.6% in 2024. Late last Friday, S&P revised the outlook on Romania's BBB- credit rating to negative, citing "increased political fragmentation" among the factors complicating delivery on fiscal consolidation targets. S&P as well as Fitch and Moody's all have Romania on the lowest investment grade.