A one-man battle against runaway inflation

  • 2006-01-04
  • Interview by Ben Nimmo
There must be times when Ilmars Rimsevics feels he is the lone voice of financial reason in the Latvian valley of stampeding consumers and exuberant lenders. Time and time again the chief of the Bank of Latvia has warned politicians about fiscal responsibility, but they don't seem to listen. The right-wing government, which contains a number of fiscal conservatives, continues to approve budgets with a deficit of over 1.5 percent. Considering the country's extraordinary economic expansion, such a fiscal policy, on the backdrop of other mitigating factors, is a recipe for runaway inflation.Ac...
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