Wednesday, March 10, 2010

Lithuania: "We Can't Live Endlessly on Debt" is reporting Greece Should Copy Baltic Adjustment, Sarkinas Says.
In it, the governor of little Lithuania's central bank compares his country's adjustment to the Global Financial Crisis to the options open to Greece and says:

Lithuania’s central bank governor said Greece should avoid seeking international aid to solve its fiscal crisis and follow the example of the Baltic nation, which suffered the European Union’s second-deepest recession last year without a bailout.

“Greece must show determination that it is willing to solve its problems,” Reinoldijus Sarkinas, 63, said in an interview in Vilnius. The EU will probably assist Greece “with loans to tackle the most acute problems. But only Greeks can solve their problems, nobody else will do that for them.”
. .

“We must save because we can’t live endlessly on debt and by simply consuming borrowed money,” the central banker said.

Good for Sarkinas. Not that anyone is listening in Washington.

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  • Unlike Greece, Lithuania is an EU member but not a Euro currency member. It wants "in" enough to do the right things.

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