Brussels  - The European Union is ready to bail out Romania, the latest European victim of the global credit crunch, the bloc's finance ministers said after a meeting in Brussels on Tuesday.

"In view of the adverse effects of the global financial turmoil on the economic and financial situation in Romania, the (EU's) Council Presidency and the Commission express the European Union's readiness to support Romania in avoiding risks of increasing market pressures and in achieving the orderly unwinding of imbalances," ministers said in a statement.

Ministers said the European Commission was in "close consultations" with the Romanian authorities and the International Monetary Fund (IMF), but stressed that any balance-of-payments assistance would be contingent on Romania approving measures designed to put its public finances in order.

On Monday, Romanian President Traian Basescu told parliament the country had little option but to seek outside help.

Reports last month suggested Romania would likely need up to 7 billion euros (8.8 billion dollars) in budgetary support.

The European Commission has already raised billions of euros from financial markets to help out Latvia and Hungary.

But on Monday, European Monetary and Economics Affairs Commissioner Joaquin Almunia said the EU executive had enough resources "to meet the needs of further European contributions."

EU leaders agreed in December to raise funds available to the commission for such purposes to 25 billion euros. (dpa)