LV: Latvia does not need full international loan of EUR 7.5bn.

By bne IntelliNews July 16, 2010
Latvia is not going to need full amount of the EUR 7.5bn granted by the international lenders, head of the Bank of Latvia Ilmars Rimsevics believes. Rimsevics argues that excessive borrowing should be avoided in order not to increase external debt and debt servicing costs. He estimated the costs at more than LVL 300mn annually, a figure that could reach LVL 400mn by 2014. According to the data by FinMin, by mid-March 2010 EUR 4bn out of the support loan were already transferred. Previously FinMin and PM Valdis Dombrovskis already expressed their intentions to re-structure remaining part of the loan into a credit-line.

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