Romania balance of payments 1970-1990

Between 1970 and 1981, Romania's annual current accounts combined to give -7.6 billion U.S. dollars. This balance was achieved through its negative trade balance and accumulated foreign debt, particularly with the west. The 1980s, however, saw Romania reverse this debt through severe austerity measures, which began in 1981; these measures eventually canceled Romania's debt and drove down living standards for Romanian citizens, and were a key factor in the outbreak of the Romanian Revolution in December 1989.