Financial Services, Investments, Latvia

Andris Vilks

Commenting the downgrade of the U.S. credit rating and financial markets' pessimism, Vilks predicted that consumers will become more cautious, reducing the total consumption.

However, potential investors will still seek the so-called "safe islands" that have successfully managed to overcome the crisis, which opens up new possibilities for Latvia. The country is looking good and could attract new investments, since "money loves stability".

"Investors will continue to seek partners, and Latvian businessmen will have the opportunity to use the crisis to their advantage and claim their foreign colleagues' business niches" said Vilks.

Vilks believes that the U.S. credit rating's downgrade was expected and could serve as a good signal to introduce the necessary changes and restore stability on the international financial markets. The minister also lauded the international credit rating agencies' courage to assess the world's largest economies, LETA reports.