The Lithuanian opposition party – the Social Democrats – that leads polls before October’s election claims it will delay euro-adoption if it heads the next government.
“Joining the euro area is unrealistic in 2014. It should happen one or two years later,” says Algirdas Butkevicius, head of the party.
The party, which led Prime Minister Andrius Kubilius’s Homeland Union by 10 percentage points in a July survey, would remain fiscally responsible and keep the goal to cut next year’s fiscal deficit to 2.5% of GDP, he says.
According to him, the euro area must solve its own problems, reports BBN, referring to Bloomberg.
“What’s the rush now for us to pay for their bailouts when it’s been obvious since at least 2004 that Greece had to take measures to avoid bankruptcy?”
Kubilius, who defeated the Social Democrats four years ago, cut wages and increased taxs in 2009 and 2010.
Although the country’s GDP grew at the EU’s second-fastest rate after Estonia last year, unemployment has doubled since the crisis and the emigration rate is the bloc’s highest.
Besides, the proportion of people at risk of poverty is up to the biggest among the bloc’s 27 members, according to Eurostat.
However, investors welcome Lithuania’s austerity measures, which cut the budget deficit to 5.5% in 2011 from 9.4% in 2009, rewarding it with record-low borrowing costs.
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Leaders of the G8 countries have agreed to abolish the practice of paying terrorists ransom money for hostages, as reported by the British Prime Minister David Cameron.
Melna kafija (Black coffee) producer has decided to invest LVL 30 000 in the creation of a new brand in order to strengthen its position on the market. The new Melnā coffee brand is called to increase the retail market share in the Baltics and export markets – Russia, Denmark, Finland and Belarus.
The decision of the Finance and Capital Market Commission (FCMC) to revoke the licenses of Balva Insurance Company will change the market. This will increase competition among other insurance companies, as Ergo Baltic Board member Ingrida Kirse told BNN.
The world's leading plane manufacturers Airbus and Boeing have received many orders at the Le Bourget air show near Paris. Demand for fuel-efficient long-haul planes indicates that airlines are willing to invest in modern airplanes.
Latvian Finance Minister Andris Vilks has appointed the Deputy State Secretary Baiba Bane as the ministry's representative in the Board of Riga Free port.
The rapid economic growth of 2011 and 2012 contributed to the rise of income of Latvian households. However, it was not equal in all of the regions. Inequality remains. In addition to that, last year's general income increased the slowest in less developed regions.
The Corruption Prevention and Combating Bureau (CPCB) has submitted a request to the Prosecutor General's Office to initiate criminal proceedings against nine officials for possible criminal activities in relation to contracts of the Road Administration.
Preliminary consolidated sales figures of OlainFarm for May show that sales have reached LVL 3.38 million (EUR 4.8 million), which is 7% more than a year ago. The biggest sales increases were achieved in Kyrgyzstan (growth by 152%), Uzbekistan (growth by 111%) and Georgia (growth by 108%).
Due to the neglect of its owners, one of the oldest Art Nouveau buildings in Riga is falling apart. It was built in 1899. Its architect is Rudolf Heinrich Von Zirwitz. The building situation on Vilandes Street 11 in Riga is a national architectural and cultural landmark.
Bergvik Skog plans to sell a little more than 2 000 ha of agricultural land in Latvia.
The blast, believed to have been performed by a suicide bomber, comes on the day when NATO is expected to formally hand over command of security responsibilities to Afghan forces.
According to Latvian Transport Minister Anrijs Matiss, negotiations with two potential investors are currently being held in regard to Latvia's National airBaltic airline.
The embassy of Ecuador in London will continue to offer asylum for the founder of WikiLeaks Julian Assange, as the country's Foreign Minister Ricardo Patiño. He announced this after his discussion with the British government, where no progress regarding Assange was made.
During the June 17 meeting of the Saeima Praesidium, the parliament's budget for 2014-2016 was confirmed. The parliament does not plan to increase expenses for current activities, rather divide the funding for two main budget goals – LVL 255 thousand for Latvia's presidency over the Council of the European Union and LVL 2.76 million for the reconstruction of the main building on Jekaba Street 6/8.
Deputy Chairman of Riga Free port Eriks Skapars has submitted his resignation to Latvian Finance Minister Andris Vilks for the recent working visit to Kazakhstan.
EURIBOR and RIGIBOR interest rates that compile the variable part of loan interest rates have been at their lowest since 1999.
Two Latvian companies – Centre Composite and Aviatest – will be participating in the Paris Air Show this week. This will be the first time for Latvian companies to participate in an event that gathers giants like Boeing, Airbus, Bombardier Aerospace and Eurocopter.
The creditors club of Liepājas metalurgs (LM) has received at least three offers from potential investors, Latvian Economy Minister Daniels Pavluts claims.
The U.S. National Security Agency has unveiled in a classified briefing that its analysts can listen to domestic phone calls without court authorisation.
According to the Latvian Environmental Protection and Regional Development Minister Edmunds Sprudzs, some Saeima deputies are pitiful people who lack their own opinions and freedom in making decisions.
Bribery accused Riga City Council official Arija Stabina has gone missing. Her current whereabouts are unknown. The Corruption Prevention and Combating Bureau (CPCB) had arrested Stabina some six months ago and charged her with bribery and document forgery.
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Ilmars @ 2013-06-16 14:07:28
What sanctions are there against businesses that dont use the correct BL exchange rate ? None. "voluntary obligation" should be correctly interpreted as meaning "no obligation". As happened in other euro countries , Latvian consumers can expect to be robbed during the introduction of the euro.
JPR @ 2013-06-15 15:01:35
JPR @ 2013-06-15 15:01:06
JPR @ 2013-06-15 14:58:47
J. @ 2013-06-14 16:22:21