Analytics, Economics, Financial Services, Lithuania

Kestutis Glaveckas.

"The relation between the litas and the euro is guaranteed by the litas reliability law and the stability guaranties consolidated in the 8th article in particular," Glaveckas said.

According to him, Lithuania has a reliable national currency for 15 years already and its stability stood unshaken during the crises in 1995 and 1998, when the economy and financial system has suffered big recession, writes ELTA.

The politician specifies that when speaking at the news conference "How to Overcome the Crisis Quicker?" on March 5, he wanted to say that there was no real basis and need for the devaluation of the litas.

According to Glaveckas, when Lithuania is entering the euro zone, what can happen no sooner than 2011-2012, when the national economy and financial situation are stabilized, Lithuania will have to comply with the Maastricht criteria and there is no doubt that the European Central Bank will have to follow the incumbent relation between the litas and the euro when approving the adoption of the euro in Lithuania.