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Latvia an example to Greece in tackling crisis, says prime minister
Published in Saudi Press Agency on 27 - 05 - 2011

Latvian Prime Minister Valdis Dombrovskis said Friday
that his country's method of tackling the global economic crisis
should serve as an example to other nations in financial trouble, in
particular eurozone members such as Greece and Portugal, according to dpa.
Speaking at the launch of a book he has written in collaboration
with Swedish economist Anders Aslund, Dombrovskis said: "It is better
not to spread budgetary consolidation over a long period but to act
quickly. Greece's consolidation is happening at a slower pace."
Dombrovskis' book, titled How Latvia Came through the Financial
Crisis, claims the Baltic state stands out as a model of how crises
should be resolved.
By some measures, Latvia was the country hardest hit by the global
financial crisis, seeing its gross domestic product shrink by 25 per
cent between 2008 and 2010. Speculation was rife that the country
would inevitably devalue its currency, a move that would likely have
had a knock-on effect on other currencies in the region.


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