Wilson PonThank Goodness Latvia was Saved from Bankruptcy!
September 5th 2009 09:37
Valdis Dombrovskis, the prime minister of Latvia, has been turned into a hero, when he saved his country from further bankruptcy, due to the national insufficient financial management and economy downturn.
He told the Latvia’s public radio, where he had to cut US$1 billion lats from the annual budget for saving the country from financial trouble.
He elaborated that the country had agreed a US$10.5 billion loan package in December. However, he must accept a condition, where he must cut the budget deficit to receive the loans from EU.
“Although it’s very difficult to perform the task, but I have no choice but to execute it,” said Mr. Dombrovskis. According to his speech to the public Medias, the cuts are going to include the decrement of old age pension by 10% and cutting public sector salaries up to 20%!
The only good news for the Latvians is the income taxes will remain the same for the upcoming years.
PS: Picture thanks to topnews.
He told the Latvia’s public radio, where he had to cut US$1 billion lats from the annual budget for saving the country from financial trouble.
He elaborated that the country had agreed a US$10.5 billion loan package in December. However, he must accept a condition, where he must cut the budget deficit to receive the loans from EU.
“Although it’s very difficult to perform the task, but I have no choice but to execute it,” said Mr. Dombrovskis. According to his speech to the public Medias, the cuts are going to include the decrement of old age pension by 10% and cutting public sector salaries up to 20%!
The only good news for the Latvians is the income taxes will remain the same for the upcoming years.
PS: Picture thanks to topnews.
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