BUCHAREST: Respected Romanian daily Cotidianul has closed due to insolvency. The paper closed on Thursday due to debts of some $571,000 that resulted from previous management giving free books to readers last year. He says that, despite a management overhaul, the paper has been unable to right itself financially amid lower sales and advertising revenues due to the recession. The online edition will run until year's end. Cotidianul was founded in 1990.