• 2009-10-08
Dear TBT,

It is commonly heard among Latvians that foreigners are to blame for the current economic crisis. They blame the IMF for imposing tough budget conditions for the loans. Without the IMF-led international loans, Latvia would be bankrupt, unable to meet its financial obligations. Any lender before handing out the money wants to see the borrower get his house in order, has the ability and commitment to repay, and stop living recklessly beyond his means.

Foreign investment totaling over 8 billion euros and equal to 60 percent of GDP, represents the investment by foreign investors who have brought capital, management and marketing skills, technology, without which Latvia would today be a much poorer country than it is, and unable to compete in the global, let alone domestic marketplace.

Latvians should take responsibility for their own actions, clean out the Soviet mentality KGB-led government and country leaders and take an honest look at themselves before looking at others to blame for having created their own mess.

Stephan Eberhardt


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