Re: For Cedrins
- From: Dmitry <dmitrijsfedotovs@xxxxxxxx>
- Date: Sat, 11 Jul 2009 12:06:17 -0700 (PDT)
On 11 July, 15:37, Anton <anton.use...@xxxxxxxxx> wrote:
From what I hear, the situation in Latvia is a catastrophy.
Yes, similar economic crisis' have taken place in many countries from
Finland¹ to Argentine, but Latvia's free fall is one of the worst. It
seems every country goes through a "getting high then terrible hang
over" phase at least once. The foundation was not so strong to begin
with either, hence the severity of the crisis, I guess.
Even when the figures were showing economic growth Latvia had
significant unemployment and poverty problems. Pensioners had it
worst. The foundation wasn't strong, for the past 18 years members of
government were primarily concentrating on serving their personal
needs (this is the legacy of Sovok - one has to get mximum benefits
from their job position).
went for these loans in the past are particularly affected, they have
a massive dead and no income to pay it back. But those who lived in
line with their incomes are affected too.
That is the most frustrating aspect of it: some fools sink the ship and
everybody goes down with it. You can try to be smart in managing your
own life, and if you do wrong decisions you can blame your self, but
nothing can protect you circumstances you can not control yourself.
(Circumstances in this case irresponsible compatriots, bankers and
I think there is a larger proportion of "irresponsible population"
here in England. Loan offers were constantly arriving through
letterboxes, TV adverts etc. and plenty of people went for them. When
the house prices went up they started pushing equity loans - again
plenty of people wen't for it (lower interest rates) and now many
people have mortgages higher than the value of their property. I
don't think Latvian public had the same level of pressure/offers.
Everyone seems to be
talking about leaving the country, some manage to suceed, but there
aren't many vacansies in Western Europe any more.
True. There is a crisis - although milder - in West as well, and
narrowing of opportunities makes things so much worse for people living
in a country stricken as bad as Latvia.
All together it is
very sad news.
Indeed. The Latvians are learning 21st cent capitalism the hard way.
Although one can't really blame people when wanting a western lifestyle
either. It is not realistic to expect ordinary people to learn to be
economically smart over night, but being knowledgeable in risk
management is supposed to be part of a banker's job. Hence in my opinion
the bankers, especially those who can afford it should foot the bill.
There is no way the banks will be getting all of their money back anyway.
Yes, those who are directly responsible should fit the bill.
Latvia wasn't prepared for economic crisies of such
scale. People blame the government....
Often in good economic times the ones who question the way things are
managed are considered "bad weather birds" who 'spoil the fun'. Very few
want to be the voice of reason when nobody appreciates it.
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