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Parex banka - the first…?
 
Aleksejs
Posted: 10 December 2008 09:29 PM   [ Ignore ]   [ # 61 ]  
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http://www.petitiononline.com/lugums18/petition.html

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Aleksejs
Posted: 10 December 2008 10:51 PM   [ Ignore ]   [ # 62 ]  
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Šodien laikraksti iznākuši sēru noformējumā
Publicēta: 08:31 11.12.2008.

Rīga, 11.dec., LETA. Brīdinot par preses industrijas apdraudējumu, visi lielākie Latvijas laikraksti šodien iznākuši sēru noformējumā.

Uz avīžu vākiem netiek publicēta ierastā informācija, bet gan uzraksts “Prese 2009”, zem kura attēlots melns krusts uz balta fona.

Akciju atbalsta gan latviešu valodā iznākošie laikraksti “Diena”, “Neatkarīgā” un “Latvijas Avīze”, gan krievu valodā iznākošie “Telegraf”, “Čas” un “Vesti Segodna”. Atšķiras vienīgi laikraksta “Dienas Bizness” noformējums - tā pirmajā lapā attēlota liela jautājuma zīme ar tēmas pieteikumu.

Latvijas Preses izdevēju asociācijas (LPIA) biroja vadītāja Vita Bergmane aģentūru LETA informēja, ka brīdinošā protesta akcija aicina aizstāvēt Latvijas sabiedrības tiesības būt informētai.

Vakar Nacionālās trīspusējās sadarbības padomes sēdē premjers Ivars Godmanis (LPP/LC) norādīja, ka, sākot ar 2009.gadu, preses izdevumi tiks aplikti ar 10% pievienotās vērtības nodokļa (PVN) likmi pašreizējo 5% vietā.

Pēc tam notikušajā valdības ārkārtas sēdē Ministru kabinets gan nevienojās par grozījumiem likumā par PVN. Kā vakar pēc sēdes žurnālistiem paziņoja Godmanis, gala lēmums par pazeminātās nodokļa likmes 10% apmērā piemērošanu arī preses izdevumiem šodien būs jāpieņem Saeimai.

LPIA un SIA “Žurnāls Santa” valdes priekšsēdētājs Ivars Zariņš aģentūrai LETA pauda viedokli, ka šāda pazeminātās PVN nodokļa likmes palielināšana nebūtu korekta.

“Es domāju, ka 10% nav pareizi, jo šie darījumi jau ir notikuši. Cilvēki ir samaksājuši par abonēšanu, kurā ir rēķināti 5%, un valdība tagad paprasa 10%,” skaidroja Zariņš.

Tostarp viņš atzina, ka dzirdētas arī baumas par dažādu PVN nodokļa likmju piemērošanu avīzēm un žurnāliem. Laikrakstiem varētu piemērot pazemināto PVN likmi, bet žurnāliem - pilno.

“Oficiāli to neviens nav pagaidām teicis, bet reāli ir tā, ka to vienkārši nevar izdarīt, jo [..] nevienā likumā nav nodalīti šie preses [veidi], un arī pēc būtības to nevar izdarīt,” skaidroja Zariņš.

Kā ziņots, LPIA vakar ārkārtas sēdē secināja, ka valdības piedāvātā PVN likme ne 10%, ne 21% apmērā nav pieņemama un ir preses industriju iznīcinoša.

In short, protesting against rising VAT on newspapers, most newspapers came out in a mourning format.

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Bruno the Lett
Posted: 11 December 2008 10:06 AM   [ Ignore ]   [ # 63 ]  
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Elizabete et al.,

““Sveiki!
“/..../ what is the general opinion on Melngailis’ appointment? Any consensus?”
At least to my mind the key question is how much of a free hand Melngailis and his Parex ‘rescue team’ will have? Especially his CV and Ābele’s (available from http://jauna.diena.lv/lat/politics/politika/iespejamais-kargina-pectecis-parex-prezidenta-amata-nils-melngailis ) are reassuring. But, is this enough .”

Melngailis really can not do much.  The problems like that of Parex develop very much their own momentum that has to play out.  His job mostly is to find out what happened to the borrowed money and how much of it can be recovered.  The name Parex at the right time, not too soon and not too late, will likely be changed.  No one wants to deal with a banking institution that is perceived as failing.  There will not be many new depositors,  The existing depositors will slowly drift away, with their deposits going to other banks, putting them in a stronger position.

With the backing of IMF and EU members, the Bank of Latvia will be able to restructure the outstanding loans to be repaid over longer period of time.  The Bank of Latvia did the right thing by not waiting till the last moment to step in.  Stepping in sooner would have been even better.

The problem would be much more serious if Latvia was not a member of EU.

Visu labu,

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Bruno the Lett

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peter B
Posted: 11 December 2008 03:59 PM   [ Ignore ]   [ # 64 ]  
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“The problem would be much more serious if Latvia was not a member of EU.

Visu labu, “

I wonder about that, Bruno. Wonder Stooled us!

No union, no problem. And i wouldn’t worry about
the boys east of Zilupe too much. They still like
Riga Sprats. Besides, the latvian friends have been
more damaging than the rooskeys….................maybe.

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pete

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Bruno the Lett
Posted: 11 December 2008 05:15 PM   [ Ignore ]   [ # 65 ]  
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peter B et AL.

“the latvian friends have been
more damaging than the rooskeys…”

What latvian friends are you talking about ?

Visu labu,

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Bruno the Lett

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Elizabete
Posted: 19 December 2008 01:10 PM   [ Ignore ]   [ # 66 ]  
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Sveiki!

A minute long video excerpt of a speech by Paul Krugman (during which he elaborates why “Latvia is the new Argentina”): 

http://qstream-down.qbrick.com/05097/e24_sverige_78/popup.html?client=e24_sverige_78&id=857

and below an article in today’s

“Economist” http://www.economist.com/world/europe/displaystory.cfm?story_id=12815635

Visu labu,

Elizabete

Latvia’s troubled economy
Baltic brink

Dec 18th 2008
From The Economist print edition
Latvia has chosen economic torture over complete collapse

ONE of the more dramatic and controversial financial rescues in modern European history has been taking shape in Latvia over the past three weeks, led by officials from the International Monetary Fund and backed by neighbouring countries, the European Union and other institutions. Latvia’s central bank has burned through €1 billion ($1.4 billion), around a fifth of its reserves, since mid-October to defend the national currency, the lat. This is pegged to the euro in an arrangement similar to a currency board, but with an even bigger lump of foreign currency to back local money in circulation. As a stopgap measure, the Swedish and Danish central banks this week offered a combined €500m in short-term swap facilities, allowing the central bank to keep exchanging lats for euros. The IMF-led bail-out—so far agreed only in outline—is likely to amount to over €7 billion, with contributions from the Fund, Nordic countries and Latvia’s Baltic neighbour, Estonia.

The deal does not require Latvia to devalue its currency. This is highly controversial inside the IMF, where memories of the debacle over Argentina’s abandonment of its currency board in 2002 are still painful. But ending the currency peg would be tricky, not least because the central bank’s independence is constitutionally entrenched. It would bring little lasting benefit. And it would be deeply unpopular. Some 85% of loans to Latvian households and firms are denominated in euros and other foreign currencies.

The clinching argument was the damage that a devaluation could wreak elsewhere. Swedish and Finnish banks, which own the bulk of Latvia’s banking system, could find their own creditworthiness suffering. Although total exposure to Latvia is still small, the perception of risk is damaging. In late October, the Swedish government launched a loan guarantee plan of SKr1.5 trillion ($190 billion) to allay fears about its banks’ future.

A Latvian devaluation would also be likely to topple the currency boards of Estonia and Lithuania, and to endanger the precarious stability secured in recent weeks in other wobbly east European countries such as Hungary. The IMF said this week that it did not believe that either Estonia or Lithuania needed to abandon their currency boards. However, big current-account deficits there and in other east European countries remain a worry.

The bail-out plan makes unprecedented demands for fiscal adjustment to trim both the current-account deficit and inflation. After some years of double-digit growth (during which a complacent government signally failed to cool the economy), Latvia faces a 5% or greater contraction in GDP next year. The tax rises and spending cuts that have been agreed upon are worth a full 7% of GDP. Public-sector salaries will fall by 15%. Private employers are making deep wage cuts too.

Latvia’s flexible economy may fare better than the political system, which is notable for fragmented parties, squabbling mediocrities, dodgy business lobbies and abuse of power (the security police briefly arrested an economics lecturer who urged people to keep their savings in foreign currency in cash). The prime minister, Ivars Godmanis, is a heavyweight, but lacks a competent team. This matters as the plan calls for big structural changes, including thorough reform of the financial system. The crisis was precipitated by the near-failure of a locally owned bank, Parex, which enjoyed a lively offshore business taking deposits from Russians, some of which appear to have been lent, unwisely, to locals. Having pushed the central bank into printing 200m lats ($390m) to support Parex, the government is now nationalising it.

Assuming that the bilateral elements in the plan are finalised, it may yet be agreed upon at an IMF board meeting shortly before Christmas. Any delay risks creating new room for speculators to try to attack the currency, and for locals to panic and turn more lats into euros (after some unwise remarks by the finance minister about a possible devaluation, the central bank lost more than €100m in reserves in a single day). Negotiating the plan has involved hectic late-night sessions in which outside officials have given locals copious instructions on the details of reform measures and the lobbying needed to gain support for them. It seems to have worked. But only for now.

[ Edited: 19 December 2008 01:17 PM by Elizabete]
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Elizabete Anna Rūtens

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Andrejs
Posted: 19 December 2008 05:40 PM   [ Ignore ]   [ # 67 ]  
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squabbling mediocrities

That about captures it. And not exclusive to Latvia or the real world. :)

Andrejs

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http://dv8ation.blogspot.com/

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