Budget, EU – Baltic States, Financial Services, Latvia

Janis Reirs.

Reirs pointed out that Latvia is one of few countries that can offer a stabilization budget. Two years after the crisis worldwide, many European countries are now talking about crisis budgets.

"There's a crisis in Ireland, Hungary, crisis budgets in Spain and Portugal. Crisis budgets are being prepared in the UK, France and Germany, for a five-year period. Latvia has managed to put forth a stabilization budget, and for this, thanks goes to the Cabinet of Ministers and the team that worked on it," said Reirs.

He accented that teamwork was quite apparent here, instead of the usual – each minister staunchly defending his/her own sector.

The committee chair also pointed out that the budget's objective is to secure a situation where Latvia can balance its expenditures and revenue, and no longer live in debt.