Romania: History

Prince Cuza unifies two of the three Danubian principalities, Moldavia and Wallachia, and created a new state, Romania, and launches policies to restructure the economy.

Romania proclaims full independence from the Ottoman Empire after siding with Russia in the Russo-Turkish War.

The opening of the first refinery in Romania marks the beginning of the oil industry.

Romania acquired several territories as part of the peace treaty signed after World War I.

Romania regains the last Danubian principality, Transylvania, after signing a peace treaty with the Soviet Union.

Romania's strict policies on spending in order to cut its foreign debt led to significant food shortages and widespread power cuts. 

Economic reform programs implemented in order to reignite its large industries. 

After being invited in 2002 to join, Romania becomes officially admitted to the NATO.

After reforms where implemented as promised in the accession treaty, Romania joins the European Union.

Romania was handed a rescue package worth 20 billion euros by the International Monetary Fund and other major lenders. 

The Romanian government takes several decisions in order to trim its debt, including wage cuts and an increase in VAT which was deemed unfavorable by the public and led to many protests and strikes.