Cross-country study: Economic policy challenges in the Baltics - ECFIN - European Commission

Cross-country study: Economic policy challenges in the Baltics - ECFIN - European Commission

(European Economy. Occasional Papers. 58. February 2010. Brussels. Internet only. 106pp. Tab. Graph. Ann. Bibliogr. Free.)
KC-AH-10-058-EN-C ISBN: 978-92-79-15024-1 ISSN: 1725-3187

Latvians Struggle with Debt in a Recession

Latvians struggle with debt
Feb 04, 2009, by Kate McIntosh at The Baltic Times

"Rising corporate debt levels in Latvia have hit businesses and individuals hard as the economy continues its downward spiral and it becomes more and more difficult for many to pay back their loans.

The situation has caused a chain reaction for individuals who are in turn suffering as a result of lost work hours and unpaid wages.

Loans with overdue payments reached 15 percent of the Latvian bank loan portfolio at the end of last year, growing 8.2 percentage points from late 2007, reported the Finance and Capital Market Commission (FKTK) financial watchdog.

As a result of escalating debt levels, many businesses and banks are turning to debt collection agencies in a bid to recoup losses."

Obviously, debit collection is not the solution in an economy currently suffering about 16% unemployment.

Latvia - Signature of Supplemental Memorandum of Understanding - ECFIN - European Commission

Latvia - Signature of Supplemental Memorandum of Understanding - ECFIN - European Commission

Baltic States Reconsider Plans to Adopt the Euro

Baltic States Reconsider Plans to Adopt the Euro

"The tiny Baltic states have pursued closer integration with Europe with enormous zeal. But the price of monetary union may be giving them pause....

“Countries like Estonia and Latvia were once desperate to get in,” said Alf Vanags, director of the Baltic International Center for Economic Policy Studies in Riga. “The euro is not looking so attractive now.”"

BBC News - Latvia auctions off military ghost town for $3m

BBC News - Latvia auctions off military ghost town for $3m:

"Latvia auctions off military ghost town for $3m

The new owner did not reveal what he intends to do with the property

Latvia has sold an entire town once used by the Soviet military as a base.

The deserted town formerly known as Skrunda-1 was auctioned off to a Russian firm for $3m (£1.9m) - about 10 times its list price, officials said."

EU Commission Economic Review of Deadlines for Malta, Lithuania, Hungary and Latvia to Bring Public Debt to 3% of GDP Results in 2 Extensions

Four EU states given economic reviews - UPI.com

The UPI via EUObserver reported that the European Commission considered the economic status of Malta, Lithuania, Hungary and Latvia in their EU obligation "to bring public debt to under 3 percent of their gross domestic products."

Hungary and Latvia were seen as being on track to meet their current deadlines of 2011 and 2012 respectively, and were given no extensions of those deadlines.

Malta and Lithuania, on the other hand, due to economic difficulties, were extended to 2011 and 2012 respectively.