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Friday, February 20, 2009

Latvia's government resigns amid economic crisis

Posted by AccGURU

Latvia's government resigns amid economic crisis

Latvia's government resigns amid economic crisis

Feb 20th, 2009 RIGA, Latvia -- Latvia's center-right coalition
government resigned Friday after weeks of instability brought on by
the country's economic collapse.

President Valdis Zatlers said he accepted the resignation of Prime
Minister Ivars Godmanis and his administration, which had been in
power since December 2007. Zatlers said he would begin talks with
party leaders Monday to find a new candidate for prime minister.

Earlier Friday, the two largest parties in the ruling coalition
parties had urged Godmanis to step down.

Godmanis blamed those parties -- the People's Party, and the Greens
and Farmers Union -- for the government's collapse, particularly at a
time when Latvia must carry out tough economic reforms to get a rescue
package from international creditors.

"I am ready to continue working, but I think that responsibility for
the consequences created by this government's resignation must be
taken by those parties that overturned the government," Godmanis told

International lenders, including the EU, the International Monetary
Fund and Nordic countries, have pledged euro7.5 billion (US$9.5
billion) to help the Baltic country recover from its economic predicament.



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