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Wednesday 26.10.2016 | Name days: Kaiva, Amanda, Amanta

Latvia has defined its position in the Greek matter

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUOn Monday, 17 August, Latvian government supported the proposed national position in the matter of providing financial assistance to Greece, noting that Latvia does not support debt write-off.

Prime Minister Laimdota Straujuma announced after the meeting that the government has agreed to support the launch of the third bailout plan. Latvia does not support any plans to write off debt at the expense of the country’s budget.

The new bailout plan for Greece states that the money will be paid only for completed work. This means payments will be divided into smaller instalments, as reported by Finance Minister Janis Reirs. «We will observe the work of the Greek executive power – reforms for the country’s labour market and economy,» – said the minister. At the same time, the minister said prior accomplishments of the Greek government are impressive in the long run for receiving international assistance.

It is also stated in Latvia’s position that the government wishes for all member states that have lower GDP per capita to pay less money. This applies to Baltic States and Slovakia. Finland and Slovenia agree with this proposal.

Even though Latvia has defined its position in regard to the possible debt write-off, it will not be used in talks, because Latvia does not want to make the impression that the country allows such a possibility, said the minister. «We support the agreement memorandum, but we do not speak of debt write-off,» – he said. The European Commission is informed of Latvia’s position, so no surprises are expected to come up.

Latvia also agrees that saving Greek banks is the duty of shareholders and owners. It should not be done at the expense of residents.

«Members of Saeima European Affairs Committee have reached an agreement in regard to Finance Ministry’s compiled position with the third financial bailout for Greece. With that, Latvia is among EU member states that support strict rules and supervision over the realization of the bailout plan,» – said Chairperson of Saeima European Affairs Committee Lolita Cigane.

«The majority of members of the parliamentary committee supported Latvia’s national position in regard to the necessary measures Greece has to carry out in order to stabilize its economic situation,» – added Cigane.

«Strict requirements for the allocation of funding remind the situation Latvia faced in the past. This is why the discussion was very active and based on our country’s own experience. During the discussion, deputies voiced concerns about the lack of trustworthiness of the Greek government and its ability to fulfill its duties. Eurozone finance ministers have expressed the same concerns,» – said Cigane. «Nevertheless, the Greek parliament has demonstrated its ability to make hard decisions in order to meet requirements necessary to receive the loan. Talks regarding the general level of stability within Eurozone have given us confidence and readiness to support the third bailout deal for Greece,» – added the head of the parliamentary committee.

«Deputies of the committee decided that Latvia’s national position, which opposes the possibility of writing-off the Greek debt, should be reinforced by allowing Latvia’s representative in the European Stability Mechanism to use the right of veto if an initiative to write off part of Greece’s debt and call to reserve additional funds from member states, including Latvia, surfaces during future talks,» – said Cigane.


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