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Latvia: A helping hand from Copenhagen and Stockholm
Tue, Dec 16 2008, 15:39 GMT
by Lars Christensen, Violeta Klyviene
This afternoon it was announced that the Swedish and Danish central banks have agreed to provide the Latvian central bank with a euro facility totalling EUR 500m (EUR 375m from Riksbanken and EUR 125m from Danmarks Nationalbank). This is good news for the Latvian markets and a clear signal that the Swedish and the Danish central banks are concerned about possible contagion from the Baltic crisis to the Nordic region. Nevertheless, this announcement does not solve Latvia's problems overnight, and caution is still very much warranted in the Latvian markets.
There is little doubt that last week's passing of the significant fiscal austerity package in Latvia has helped convinced the Swedish and Danish central banks that it can now provide some help to the Latvian central bank. Hence, the fiscal austerity package should contribute to reducing imbalances in the Latvian economy, while the contribution from the Nordic central banks (with a possible IMF package) should provide some external support during the difficult adjustment process.
Published on Tue, Dec 16 2008, 15:42 GMT
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This publication has been prepared by Danske Bank for information purposes only. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. Whilst reasonable care has been taken to ensure that its contents are not untrue or misleading, no representation is made as to its accuracy or completeness and no liability is accepted for any loss arising from reliance on it. Danske Bank, its affiliates or staff, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives), of any issuer mentioned herein. Danske Bank's research analysts are not permitted to invest in securities under coverage in their research sector. This publication is not intended for private customers in the UK or any person in the US. Danske Bank A/S is regulated by the FSA for the conduct of designated investment business in the UK and is a member of the London Stock Exchange. Copyright () Danske Bank A/S. All rights reserved. This publication is protected by copyright and may not be reproduced in whole or in part without permission.Related reports
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