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Soros: EU should do more to bail out Latvia
Nina Kolyako, BC, Riga, 13.10.2009.
Print version
Print versionU.S. billionaire George Soros on Saturday called on the European Union (EU) to do more to help Latvia's hard-hit economy, expected to retract by an EU-worst 18% in 2009.
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| George Soros. |
"The pressure for them to reduce government spending when the problem is in the private sector is a wrong kind of policy that ought to be avoided," he said in an interview with Swedish public radio.
"And I think the European Union countries are in a position and ought to help Latvia more than they are currently doing." Soros added that he had "no currency positions in the Baltics."
The European Union is contributing 3.1 billion euros (4.6 billion dollars) to a 7.5 billion loan to help rescue Latvia's economy, reports AFP/LETA.
Soros said more generous EU loans could help see the country through the crisis and he did not understand why that type of policy was not being put in place.
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