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Lietuva in brief - 2012-11-29

Nov 28, 2012

Almost every third resident of Lithuania who borrows money does so to cover everyday living expenses, while 12 percent borrow to pay off already existing debts shows a survey conducted from Oct. 18-24 by Spinter Tyrimai at the request of Swedbank Institute of Private Finances, reports ELTA. The study surveyed 1,009 respondents. According to the survey, 30 percent of the country’s population borrowed money within the recent two years. Four percent are going to do so in the near future. The study also revealed that every third respondent borrows for major purchases, while 29 percent for everyday expenses and another 12 percent to cover previous debts. According to the manager of Swedbank’s Institute of Private Finances in Lithuania, Odeta Bloziene, it is in particular dangerous to borrow for small daily expenses if a person has low income, because in one month the borrowed funds may increase the budget, but the next they increase the expenses because the loan has to be repaid. People sometimes forget that they have to repay the money they borrow.

The newest seven-year budget of the European Union (EU) estimates that the funding of the Ignalina Nuclear Power Plant (NPP) closure will end by 2017, reports ELTA. The EU also intends to allocate three times less funds for decommissioning than the amount Lithuania asked for. Despite Lithuania’s diplomatic efforts, the unfavorable numbers were included in the EU budget negotiations scheme. The document states that the Ignalina NPP decommissioning will receive an additional 210 million euros instead of the requested 770 million euros. The European money tap will be completely closed in four years. Lithuanian government officials have repeatedly said that such amounts are not enough to close the plant and Lithuania is unable to do it with its own funds. The final decisions will depend on the European Union leaders.

On Nov. 22, Fiction writer and essayist Giedra Radvilaviciute along with another 11 writers received this year’s European Union (EU) Prize for Literature in Brussels, reports ELTA. Writers from 12 European countries received the 5,000 euro prize and priority to get funding from EU culture programs for the translation of their works in other languages. Radvilaviciute was awarded her prize for the essay Tonight I Shall Sleep by the Wall. The EU Prize for Literature was given to writers from Austria, Croatia, France, Hungary, Ireland, Italy, Lithuania, Norway, Poland, Portugal, Slovakia and Sweden.

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