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Aļšanskis, Leonīds
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2 articles of this author have been cited in the European Press Review so far.
Euro bonds are already a reality
Resistance from Germany in particular has so far prevented the Eurozone countries from issuing joint bonds. But the business paper Dienas Bizness believes Germany's stance won't last long: "Such common bonds are one of the most important steps towards calming the markets. Despite Germany's negative stance, a bond was already issued on January 5 within the framework of the EFSM (European Financial Stability Mechanism) which can practically be regarded as a prototype. Demand reached 20 billion euros, although the offer was for just 5 billion euros. This is a positive signal for the markets. The interest rate is at 2.6 percent and the money gained through the bond will also be used to help Ireland, albeit at an interest rate of 5.5 percent. This means that such bonds won't be so expensive for the better-off states, while the difference will remain within the Eurozone and won't fall into the hands of speculators."
» full article (external link, Latvian)
More from the press review on the subject » EU Policy, » Fiscal Policy, » Financial Markets, » Banks, » Europe
Latvia would reap benefits from the euro
The crisis in Greece has aroused concerns in Latvia over the introduction of the euro. Leonīds Aļšanskis contradicts such fears in his blog for the business paper Dienas Bizness, arguing that entering the Eurozone "would finally remove the sword of Damocles of depreciation [of Latvia's currency, the lats], which is menacing the stability of our financial system. That is extraordinarily important for our economy and the entire state, and would do much to attract more foreign investment. With the euro Latvian businesses would belong to one of the leading monetary zones in the world and profit in many ways, for example from fewer exchange fees. Of course the banks wold benefit the most, because they would then have the same security level [as other banks in the Eurozone]. If Latvia had entered the Eurozone before the crisis, I am strongly convinced that [the second-largest Latvian commercial bank] Parex would have circumvented the catastrophe altogether."
» full article (external link, Latvian)
More from the press review on the subject » Fiscal Policy, » Corporations, » Economic Policy, » Financial Markets, » Banks, » Latvia, » Europe
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