The EU's economy commissioner, Joaquin Almunia, is keeping up pressure on Latvia to fulfil budget deficit cuts agreed under the terms of a €7.5 billion international loan led by the EU and the International Monetary Fund. "This will be extremely important to increase confidence in the markets vis-a-vis the Latvian economy," he told a news conference in Riga on Tuesday (13 October) following discussions with parliamentary leaders. Commissioner Almunia insists the deficit cuts are the best way to get Latvia's economy back on track "Honestly, I don't see an alternative," he added. Ongoing squabbling between members of the government's five-party coalition recently caused it to row back from the 500 million lat (€711m) deficit cut agreed for this year.
The EU's economy commissioner, Joaquin Almunia, is keeping up pressure on Latvia to fulfil budget deficit cuts agreed under the terms of a €7.5 billion international loan led by the EU and the International Monetary Fund.
"This will be extremely important to increase confidence in the markets vis-a-vis the Latvian economy," he told a news conference in Riga on Tuesday (13 October) following discussions with parliamentary leaders.
Commissioner Almunia insists the deficit cuts are the best way to get Latvia's economy back on track
"Honestly, I don't see an alternative," he added.
Ongoing squabbling between members of the government's five-party coalition recently caused it to row back from the 500 million lat (€711m) deficit cut agreed for this year.
