Lenders allow for wider budget deficit

Jan 13, 2010
By Kira Savchenko

RIGA - A preliminary agreement on increasing Latvia’s budget deficit, to 8.5 percent of GDP, in order to pay the reduced pensions, which was ruled as illegal by the country’s Constitutional Court in December, has been reached with the International Monetary Fund (IMF) and the European Commission (EC). “The final decision has to be taken by the IMF board and the EC executives. However, approval by the technical mission mostly means [approval] from Brussels and Washington,&rdq ...

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