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Latvia must definitely not join eurozone in 2014 - Strazds

Armands Strazds. Photo: Lita Krone/LETA.
 RIGA, Dec 10 - Latvia must definitely not join the euro area in 2014, Armands Strazds, one of the founders of the pending Latvian Social Democratic Party and chairman of the "Renewed Latvia" movement, said in an interview with LETA this morning.
It would be too soon for Latvia to join the eurozone now. Every year, Latvia receives EUR 1 billion from the European Union's structural funds. In order to catch up with the EU's average economies, at least EUR 17 billion should be channeled into the Latvian economy every year, believes Strazds. However, the EU is not prepared to invest such an amount of money in Latvia.
Strazds also notes that there is a significant difference between productivity in Latvia and the other eurozone countries, which, should Latvia join the euro area, will affect Latvia's trade deficit.
Later this morning, Finance Minister Andris Vilks (Unity) wrote in his "Twitter" account: "Social Democrat Strazds wants Latvia to receive EUR 17 million every year - without giving up the lat! This would destroy Latvia by hyperinflation.'' Vilks reminds that Latvia's gross domestic product this year will be about EUR 22 billion.
In the interview with LETA, Strazds also informs that the founding congress for the Latvian Social Democratic Party will take place on December 15.
He says that the new party's main tasks will be halting emigration from Latvia, dismantling the "tower of debt", enhancing financial sovereignty of the state and local governments, providing technical support for local governments so they could increase their economic capacity.
leta.lv
10-12-2012
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