Latvia at a ‘Crossroads,’ Must Cut Deficit, Central Banker Says

Oct. 12 (Bloomberg) -- Latvia is at a crossroads and must cut its deficit further amid economic turmoil in Europe and plans for euro adoption in 2014, the country’s central bank governor said.

“At the moment Latvia is at a crossroads,” Governor Ilmars Rimsevics said in a speech in Riga today. The country should target a deficit next year of 2 percent of gross domestic product and find measures equal to at least 150 million lati ($290 million) in next year’s budget, he said.

--Editor: Douglas Lytle

To contact the reporter on this story: Aaron Eglitis in Riga at aeglitis@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net