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24 May 2017 21:50 (South Africa)

Latvia needs real help, urges Soros

  • Branko Brkic
    branko3048 a ray
    Branko Brkic

    Brkic is the founder and editor of The Daily Maverick.

    He has edited magazines on business and politics, technology, and wildlife. He has also published fiction and non-fiction books, most of them in Serbian. Though he has never pretended to be a reporter, his wide knowledge of politics (especially in America), combined with his experiences in a disintegrating Yugoslavia, gives him an unusual outlook on events in South Africa.

    Despite the vowel-poor surname, he tells anyone who asks that he hails from Hyde Park, Johannesburg, having spent most of his adult life in South Africa.

    Recent columns:

george soros small

Of all the members of the recession-hit EuroZone, the pint-sized economy of Latvia has fared the worst. Once fast-growing, it contracted a whopping 18% in the first three months of 2009. Although it received a $7.5billion loan aimed at stabilising its economy, it struggles with serious problems in the private sector. Now it’s found a friend in George Soros, globally respected hedge-fund guru. Lenders, led by the EU and Sweden, have imposed tough conditions on their loan, demanding Latvia cut its spending by almost $1billion a year between now and 2012. These conditions are very stringent and not necessarily rooted in reality, claims Soros, pointing out that public spending is already under control and shock therapy might kill the patient. We doubt Euro bureaucrats will pause to think about it, though.

  • Branko Brkic
    branko3048 a ray
    Branko Brkic

    Brkic is the founder and editor of The Daily Maverick.

    He has edited magazines on business and politics, technology, and wildlife. He has also published fiction and non-fiction books, most of them in Serbian. Though he has never pretended to be a reporter, his wide knowledge of politics (especially in America), combined with his experiences in a disintegrating Yugoslavia, gives him an unusual outlook on events in South Africa.

    Despite the vowel-poor surname, he tells anyone who asks that he hails from Hyde Park, Johannesburg, having spent most of his adult life in South Africa.

    Recent columns:

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