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February 9, 2012
Swedish banks warned on Latvian economy
Published: 3 Oct 09 08:53 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/22440/20091003/
Sweden’s finance minister Anders Borg is reported to have held secret talks with Swedbank and SEB, expressing his concern over Latvia's struggling financial situation.
- Europe's banks set for years of 'shrinkage': Borg (2 Feb 12)
- Sweden gets a seat at the eurozone table (31 Jan 12)
- Sweden can back eurozone pact: Riksdag (27 Jan 12)
The news comes as Borg addressed EU finance ministers at an informal meeting in Gothenburg this week. He warned Latvia to get its finances in order if the country is to rely on continued international support.
”Political problems in Latvia seem partly to be making a comeback,” Borg said. ”It’s important that the government fulfils the international agreements they have agreed upon.”
In December 2008, the EU International Monetary Fund put together a rescue package for Latvia to the tune of 80 billion Swedish crowns.
Borg questioned the country’s budget decisions and stressed the need for the country to take action.
”The patience of international organisations is very limited,” Borg added. ”They don’t have much room to manoeuvre.”
Borg will attend the annual meeting of the International Monetary Fund in Istanbul next week.
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When are people going to realise that bank needs to be temporarily nationalised.
Then everyone above branch manager needs to be put fired, with a ban on future employment in the banking sector. That ban would stand for two or three years until the ex-bank employees took there case to the Internaional Court of Justice, but long enough to break there links to banking and stop further damage from them.
Following that, new senior staff need to be appointed.
Then the company should be refloated which would need to occur as soon as possible, literally within four to six months of nationalisation.
when refloated the Swedish people had to pay to bail out the banks. Everyone who was born in Sweden should have the shares equally shared out amongst them, excluding all employees of banks.
That would send a message to them to get there act together.
Where was Sweden's conservatism and concern then when it allowed Swedbank and SEB to lead these actions in Latvia and have record profits?
It is not only time for us Latvians to fulfill "international agreements" but also for Government of Sweden to take official responsibility for the crisis it has caused and to pay the price as well.