Latviski English По-русски
Ceturtdiena 08.10.2015 | Name days: Aina, Anete

Spanish Prime Minister calls for further European integration

(No Ratings Yet)

Mariano Rajoy

Spanish Prime Minister Mariano Rajoy has called for greater European fiscal and banking integration to save his country and the 17-country euro currency alliance.

Madrid’s key borrowing rate closed at a euro-era high, indicating deep investor concern about the government’s financial stability, The Huffington Post reported.

And late Wednesday, Moody’s Investor Service slashed the government’s credit rating by three notches to just above “junk” status. Moody’s cited the level of debt Spain will be absorbing, the weakness of its economy and the government’s limited ability to raise money.

Rajoy has sent a letter to Jose Manuel Barroso, president of the EU Commission, and Herman Van Rompuy, president of the European Council, calling for new measures that might help weaker states like Spain. Those could include sharing debt burdens across countries or guaranteeing bank deposits across the eurozone.

Spain’s budget deficit is 8.9% of GDP which is among the highest in the eurozone. On the other hand, it does not have a particularly high debt to GDP ratio; at 68.5 percent, it’s far lower than even Germany’s, which is 81.2 percent. But Spain’s economy is in a deep recession and has poor growth prospects, making it very difficult for it to reduce debt.

BNN already reported that eurozone finance ministers have succeeded in talking Spain into accepting an EU-funded rescue for its severely indebted banks. Spanish Prime Minister Mariano Rajoy was long insisting that his country needed no financial aid to recapitalize lenders crippled by bad debts from a burst real estate bubble. But now he has agreed to accept a loan of up to 100 billion euros ($125 billion), calling the bank rescue a ‘victory for euro’.


Leave a reply

President: scaring refugees would be the worst course of action

Latvia’s President Raimonds Vejonis and Prime Minister Laimdota Straujuma agree that refugees should not be dissuaded from coming to Latvia. Instead, it is far more important to provide the most accurate information about the country as possible, including expected benefits and climate.

Saeima supports Rezevska’s candidacy for Constitutional Court of Latvia

On Wednesday, 7 October, Saeima Legal Affairs Committee unanimously supported Daiga Rezevska’s candidacy for the vacant judge post in the Constitutional Court of Latvia and decided to submit this decision for review to the Saeima after receiving the decision project from the Judicial Council.

BATL: transit business’s most problematic factor is high railway tariffs

The most problematic factor for Latvia’s transit business is railway tariffs. In addition, according to latest surveys, tariffs in Latvia are the highest ones in Europe, notes President of Baltic Association – Transport and Logistics Inga Antane. It means that there is something wrong with economic justification behind tariffs.

Foreign Minister: relations with Russia are formed by developments in the world

Relations with Russia are formed by developments in the world, including Ukraine and Syria, which may seem far away but can still affect our life, explains Latvian Foreign Minister Edgars Rinkevics.

EU ministers to discuss creation of a single railway space

On Thursday, 8 October, there will be a meeting of the European Union Transport, Telecommunications and Energy Council of Ministers in Luxembourg. Latvia will be represented by Transport Ministry’s parliamentary secretary Karina Korna.

Laima finds a new export market – U.S. military bases and navy

Latvian sweets producer Laima has doubled its exports to the United States of America this year, exporting 140 tons of sweets, as compared with 70 tons last year.

Greste receives international freedom of speech award

Latvian-Australian journalist Peter Greste and two his colleagues at Al-Jazeera have on October 6 been awarded the 2015 Freedom of Speech Award from the International Association of Press Clubs.

Dreimane receives a job in Latvijas Gāze

Former head of Latvia’s State Chancellery Elita Dreimane, who was forced to leave her previous job because, has chosen Latvijas Gāze out of the many job offers she has received over the months, as reported by

Saeima discusses Environmental Ministry’s proposed territorial reform

On Tuesday, 6 October, Saeima’s Public Administration and Local Government Committee met with Environmental, Protection and Regional Development Minister Kaspars Gerhards to discuss the ministry’s developed concept regarding a new administrative and territorial division.

Economist: Latvia’s competitiveness is at risk

Wages have been continuously growing faster than productivity for many years in Latvia. This has not had much impact on Latvia’s external competitiveness so far, but we’ve seen signals that this is beginning to change. While export volumes continue rising, our exporters’ market shares stay the same.

Illegal cigarettes market declines by 9% in Latvia

The market of illegal cigarettes makes up around 30% of general consumption in Latvia, as reported by Director of State Revenue Service’s Customs Police Edijs Ceipe.

Research: 70,000 people in Latvia are in dire need of depression treatment

Every fourth patient visiting family physicians has faced depression at some point in their life. Every tenth patient is currently in dire need of depression treatment in Latvia, as concluded in results of a research carried out by the Department of Psychiatry and Addiction of Riga Stradins University Hospital on depression and its scale in the country.

Latvian police apprehend phone fraudsters that stole more than EUR 15,000

Police officers of Zemgale Region Police Department have arrested two men who are suspected of phone frauds in Aizkraukle. Police say the two men stole money from elderly people.

With 19 EU against GMO cultivation, total crops are likely to increase in EU

Although the majority of European Union states stand against growing GMO crops, series of new GM seeds are waiting for Brussels approval and the total GMO crops might rather increase in the bloc.

Osipov, Linderman and Girs denied entry to Estonia

Estonian government has added members of the For Native Tongue! political party Ilarion Girs and Yevgeny Osipov to its official blacklist. These two and pro-Russian activist Vladimir Linderman are prohibited entry to Estonia.

Latvia and India could cooperate in areas of ICT and clean technologies

Indian information and communication technologies enterprises ought to develop presence in Latvia by searching for common solutions to expand mutual cooperation between the two countries and strengthen the competitiveness of Latvia’s ICT sector in international projects.

First snow in Latvia expected in the second half of the week

Because of the anti-cyclone, weather in Latvia will remain dry for the most part. However, rain clouds will carry over rain in the second half of the week. It is also possible that the first snow could come to Latvia very soon as well.

Head of LDz Cargo may lose his post

LDz Cargo CEO Guntis Macs could potentially lose his post in the company, as confirmed by multiple sources in the company to LTV, reports

Germany might receive 1.5 million asylum claims in 2015

German press cites estimates by the federal government that the number of asylum seekers in the country will reach 1.5 million, which is nearly twice as much as has been officially forecast previously.

40% of refugees are sent back to home countries from Europe

40% of refugees have been sent from Europe back to their home countries because they do not qualify for international protection, said Latvian Interior Minister Rihards Kozlovskis during the Saeima European Affairs Committee meeting on 5 October.

Cold weather coming to Latvia; frost expected at night

The Sun will remain for the beginning of the week in Latvia. However, in the second half of the week, clouds will start covering the sky and air temperature will start gradually dropping.

Riga’s Architecture of the Year Award goes to National Library of Latvia

On World Architecture Day, 5 October, the Riga’s Architecture of the Year Award was presented to the National Library of Latvia and its authors – architect Gunars Birkerts, Modris Gelzis, Marcis Mezulis, Sandra Laganovska, Dainis Smits and others.

Industrial turnover up 6.4% in Latvia

According to seasonally adjusted data at constant prices, compared to July, industrial production volume in Latvia decreased by 1.4% in August 2015.

Police find 761,200 contraband cigarettes stashed in a cargo vehicle

Officers of Customs Police of Latvian State Revenue Service found 761,200 contraband cigarettes stashed in a secret compartment of a cargo vehicle on a border checkpoint between Latvia and Belarus.

Parties of war in Ukraine inform of withdrawing small arms from buffer zone

The sides warring in Ukraine's east have announced on October 3 that they have commenced the withdrawal of small arms away from a bufferzone. Meanwhile, France has admitted that reaching a durable peace would not be accomplished this year.

Newest comments