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IMF mission chief optimistic about impact of eurozone problems on Latvia

Nina Kolyako, BC, Riga, 26.06.2012.Print version
Mark Griffiths, the head of the International Monetary Fund's (IMF) mission in Latvia, is optimistic about the impact of eurozone problems on the economy of Latvia.

Latvian Finance Minister Andris Vilks and Mark Griffiths.

Griffiths points out in an interview with the newspaper Telegraf that Latvia's economy is not only connected with eurozone countries but also with Nordic countries, Russia and CIS countries. Moreover, Latvia does not have close economic ties with Greece, Spain and other remote eurozone countries. Germany, Poland and northern Europe do not experience any particular economic issues, writes LETA.


Griffiths admits that Latvia's economy is small and will always be linked with other countries, however, there are several things that Latvia can do itself, including structural reforms, health insurance and education quality improvements, fight against corruption. "All of this can be done regardless of the rest of the world, improving the country's economy," says Griffith.


At the same time, he emphasizes that the introduction of the euro must remain Latvia's priority, since eurozone issues will be solved sooner or later.


However, the introduction of the euro is not a panacea for all problems, Latvia must still observe fiscal discipline, adds Griffiths.


As reported, yesterday, Spain formally requested a rescue loan of up to EUR 100 billion from its eurozone partners.


No new figures were included in the request, after reports by independent consultants last week said Spanish banks could need up to EUR 62 billion to survive a severe, three-year financial slump.


On June 9, eurozone finance ministers supported providing financial assistance for the Spanish banks so that they could cover their losses.


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