Related News
Latvia dodges bankruptcy with late budget cuts
LATVIA'S prime minister said yesterday that the country has been saved from bankruptcy after last-minute budget cuts paved the way for the Baltic country to receive funds from international lenders.
Valdis Dombrovskis told Latvian public radio that the government's decision late Thursday to slash 500 million lats (US$1 billion) in budget expenses was "very difficult" but necessary if Latvia wants the next installment in a 7.5 billion lat bailout plan agreed in December.
"Yesterday's (Thursday) decisions saved the country from bankruptcy," Dombrovskis said.
Parliament will review and vote upon the budget changes next week.
Officials from the European Union had indicated that Latvia would get the next loan installment, worth 1.2 billion euros (US$1.7 billion), in the near future if the government cut expenses and lowered the budget deficit.
Latvia's economy, the hardest-hit in the 27-member EU, is likely to shrink by 18 percent this year.
Valdis Dombrovskis told Latvian public radio that the government's decision late Thursday to slash 500 million lats (US$1 billion) in budget expenses was "very difficult" but necessary if Latvia wants the next installment in a 7.5 billion lat bailout plan agreed in December.
"Yesterday's (Thursday) decisions saved the country from bankruptcy," Dombrovskis said.
Parliament will review and vote upon the budget changes next week.
Officials from the European Union had indicated that Latvia would get the next loan installment, worth 1.2 billion euros (US$1.7 billion), in the near future if the government cut expenses and lowered the budget deficit.
Latvia's economy, the hardest-hit in the 27-member EU, is likely to shrink by 18 percent this year.
- About Us
- |
- Terms of Use
- |
-
RSS
- |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证:沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证:31120180004
- |
- 网络视听许可证:0909346
- |
- 广播电视节目制作许可证:沪字第354号
- |
- 增值电信业务经营许可证:沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.