Analytics, EU – Baltic States, Lithuania

Professor Kestutis Glaveckas

According to Glaveckas, a misunderstanding has occurred. He emphasized that there was surely no political or economic reasons to dissociate the litas from the euro or change the currency board and he doubted whether there would be such reasons at all. Glaveckas said that there were no grounds for him to resign as some politicians stated.

Glaveckas highlighted that he felt responsible for the public panic and financial losses incurred by residents when exchanging currencies on the weekend. "I feel responsible for that and I take the blame upon myself. I just want to say that I meant a slightly different, actually absolutely different thing (...). It is hard to say whether it is only my guilt. I think that this statement resulted from inaccuracy and disregard for entire context," Glaveckas said.

As reported, on March 5, Glaveckas held a news conference "How to Overcome the Crisis Quicker?" and talked about the speculations on the issue of the devaluation of the litas, gave his some theoretical views and stated that the devaluation of the litas was near. According to Glaveckas, he wanted to say that there was no real grounds and necessity for the devaluation of the litas.

On the weekend, Lithuanian residents flooded banks to exchange litas for euros.