Gene Zolotarev on how to destabilize the EU financial system and re-draw the map of Europe in three easy steps

FINANCE

Budget deficit risk to Lithuania’s euro hopes
VILNIUS - With Latvia on track to adopt the euro on Jan. 1, that leaves Lithuania, among the Baltic countries, still waiting to join the club. Lithuania has real possibilities to introduce the euro in 2015, but in order to achieve this, the government should refrain from populist and consumption-encouraging decisions, which would increase inflation and the government’s deficit, say analysts at DNB Bank, reports ELTA. The analysts predict that next year more favorable macroeconomic conditions necessary to meet the Maastricht criteria will develop in Lithuania, and the country will ...  Full story...
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  Europe struggles with black economy...    Construction drags on Estonia’s economy...    Moody’s warns on non-resident deposits...    Budget deficit risk to Lithuania’s euro hopes...    Krugman to attend Economic Forum...    Credit expansion continues...    Lithuania prioritizes growth...    French support for Latvia euro entry...    Pigu Group seeks strategic investor...    Lithuania eyes OECD invitation...    New security index in litas...    Baltic growth revised upward...    Estonian businessman plans one of the world’s largest wind energy parks...    Swedbank pulls out of Russia and Ukraine...    Sweden’s “Lantmannen” sells “Rigas dzirnavnieks” to Lithuanian company...    Estonian real estate fund “EfTEN” enters Latvia...    Nordic Banks revise forecasts for Estonian economic growth for 2013...    Estonian labor productivity up 7.6 percent a year...    Latvian company to build jetty for Lithuania LNG terminal...    Lithuanian energy group to enter the Latvian electricity market...  
 May 15, 2013 - Europe struggles with black economy...
PARIS - Undeclared economic activity, the so-called ‘black economy,’ in Europe shrank last year to 19 percent of declared output from 19.3 percent in 2011, a study for the Visa credit card company indicated on May 6, reports AFP. The study also showed that thanks to an improved economic environment and the application of anti-fraud measures, the parallel economy may this year be the smallest for a decade, accounting for about 1...
 May 15, 2013 - Construction drags on Estonia’s economy...
 TALLINN - Estonia’s economy slowed more than economists estimated in the first quarter, to the weakest pace in three years as the construction industry stumbled, reports Bloomberg. Gross domestic product rose 1 percent from a year earlier, the smallest increase since the Baltic economy exited a recession in April-June of 2010, and down from a 3.7 percent pace in the fourth quarter, the statistics office, based in Tallinn, said on...
 May 15, 2013 - Moody’s warns on non-resident deposits...
RIGA - Rising levels of non-residential deposits within the Latvian banking system are credit negative, Moody’s Investors Service warns in a comment published on May 2. The agency says that the negative pressure arises from the fact that deposits are the main funding source for Latvian banks, particularly for banks that lack parental funding; and the rating agency’s view that non-resident deposits (currently 49 percent of total dep...
 Apr 25, 2013 - Krugman to attend Economic Forum...
RIGA - The first Riga Economic Forum will be held July 24 to July 26, which will also be attended by American economist and Nobel laureate Paul Krugman, reports Nozare.lv Krugman is known as being highly critical of Latvia’s model for overcoming the global economic crisis. The forum in Riga will focus on banking and finance, logistics and transport, tourism, energy, and new technologies. The organizers say that Krugman has confirmed ...
 Apr 25, 2013 - Credit expansion continues...
TALLINN - Estonian banks’ net income declined 22 percent in the first quarter from a year earlier, mainly due to lower net-interest income, reports Bloomberg. Profit dropped to “about” 81 million euros from 104 million euros, the central bank, based in the capital, Tallinn, said on April 23 in an e-mailed statement. Net interest income declined 16 percent in the same period due to low base interest rates, it said. The Bal...
 Apr 25, 2013 - Lithuania prioritizes growth...
VILNIUS - Lithuania plans to balance its budget in 2016, a year later than earlier projected, as the country’s new government seeks to stimulate growth and jobs, reports Bloomberg. The fiscal deficit will shrink from last year’s 3.2 percent of gross domestic product to 2.5 percent this year, 1.5 percent in 2014 and 0.5 percent in 2015, the Finance Ministry in Vilnius said in an e-mailed statement on April 22, citing a draft of ...
 Apr 25, 2013 - French support for Latvia euro entry...
RIGA - During the meeting with French President Francois Hollande and Prime Minister Jean Marc Ayrault on April 19, Latvian Prime Minister Valdis Dombrovskis received confirmation that, in case of a positive convergence report, France will support Latvia’s accession to the single European currency on Jan. 1, 2014. France is also ready to support Latvia’s membership of the Organization for Economic Cooperation and Development (OECD)...
 Apr 17, 2013 - Pigu Group seeks strategic investor...
VILNIUS - Owners of Vilnius-based Pigu Group, the biggest Baltic online retailer by revenue, are seeking to sell as much as a 75 percent stake to investors to support further expansion, reports Bloomberg. Pigu, which forecasts 2013 revenue will increase by about 50 percent to about 130 million litas (37.6 million euros), began contacting potential strategic and financial investors in early April, board member Mykolas Majauskas said on April 5....



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