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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 14:43

The initiative to preserve litas is already doomed

Petras Vaida, BC, Vilnius, 01.04.2014.Print version
Though the initiative to preserve litas is not yet registered, it is already doomed. The Central Electoral Commission (VRK) plans to address legal experts so they explained if the introduction of the euro does not run counter the Constitution, reports LETA/ELTA, referring to Respublika.

It is obvious from the actions of the Bank of Lithuania that every effort will be put to wreck the national currency. The bank is already acting as if the euro is inevitable. When the VRK received the application to register the initiative of the referendum on land sale to foreigners, no one expected that 300,000 signatures would be collected. Perhaps that is the reason why signature sheets were issued without much discussions and delay. Yet it will not be so simple with the referendum on the preservation of litas. The VRK has already begun preparing for the funeral of this initiative. The Commission turned to experts with a request to assess if the wording of the referendum did not contradict the current laws and the Constitution. Only after receiving their conclusion, the VRK will decide if to issue signature sheets.

 

The initiative group of the litas preservation referendum submitted papers to the VRK last Monday. Yet the VRK will announce its decision if signatures may be collected only on April 7 (Monday), 17:00. As Chairman of the VRK Zenonas Vaigauskas explained in an interview with Respublika daily, this term is established in the Law on Referendum. The law says that the Commission "drafts the act of group's registration no later than within 15 days since the day of the submission of the application of a group." Vaigauskas did not hide that there was a possibility that signature sheets may be not issued to the initiators. "On April 7 we will decide what to do. If we decide that we have to issue signature sheets, then in five days they will be issued," said Vaigauskas.

 

While the VRK is considering whether to issue signature sheets to the initiators of the litas preservation referendum or not, the Bank of Lithuania acts as if the euro is inevitable. The Bank has approved the Guidelines on Cash Changeover that specify the members of the cash changeover process during euro adoption and their functions, the principles of acquisition of euro, euro and litas handling as well as other cash changeover related principles. The key participants in this process are the Bank of Lithuania, banks and the Lithuanian Post. Cash-in-transit and cash handling companies, distribution businesses and services providing businesses will also participate. The Bank of Lithuanian will have to acquire 132 million units of euro banknotes and 370 million units of euro and euro cent coins to satisfy the demand for them at the time of euro adoption and to ensure their necessary stocks.






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