Latvian Prime Minister Launches His Book About Financial Crisis

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The Prime Minister of Latvia, Valdis Dombrovski, launched his book about Latvia's strategy in overcoming its financial crisis of 2008. He also talked about the similarities and differences between Latvia's situation and Greece's current crisis. Our local correspondent brings this report.

The Prime Minister of Latvia, Valdis Dombrovski, launched his book at the European Summit in Brussels last Friday.

The book is entitled 'How Latvia came through the financial crisis'. It explains how the country overcame its financial and economic crisis of 2008, after applying to the International Monetary Fund and the European Union for an international loan of 7.5 billion euros.

Prime Minister Dombrovski compared his county's situation with that of Greece today.

[Valdis Dombrovski, Prime Minister of Latvia]:
"Probably one of the differences between Greece and Latvia is that we applied for international loan in late 2008 and in late 2009 with adoption of 2010 budget, we more or less managed to stabilize the financial situation and to regain the confidence of the international markets. Where Greece is now also more than a year in a program and the confidence in markets are even less than at the beginning of the program. There is a need to step up these efforts to convince markets."

Prime Minister Dombrovski gave some suggestions for how the current crisis in Greece could be handled. Based on his experience, one of the main ingredients for success is speed.

[Valdis Dombrovski, Prime Minister of Latvia]:
"I think one of the key lessons we learned is that it's important to frontload the fiscal adjustment, to move quickly and boldly. Despite the facts that they are short-term negative consequences in out potential. But if you do it quickly and do most of the measures at the beginning of the program, it helps to restore confidence and helps to regain financial stability. And there is no economical growth without financial stability. It's a basis for economical recovery. And once you regain financial stability, your economy will also start picking up."

Latvia took only two years to regain economic and financial stability after applying for its bailout loan. 


NTD News, Brussels, Belgium.

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[elvis667]

and so do i

[elvis667]

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[ValdisBarrettMusic]

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[sextasis]

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