The Republic of Latvia is experiencing the worst economic crisis. Almost half a year the topic of devaluation has whirled in academic circles and media. There is consensus that slimming of the burgeoning red tape and cutting wages by 50% would serve as an alternative form of devaluation. In the meantime odious former prime minister openly questioned ability of the present government and the Bank of Latvia (BoL) to contain the economic crisis, and speculated after the need to devalue the national currency - the lat.
Today the governor of BoL Mr Ilmārs Rimšēvics openly confronted the former PM and concluded that the irresponsible calls for devaluation are due to the fact that former politician wants to earn money on devaluation! It is the first time when the high ranking official in Latvia indirectly questions moral standards and wish of someone from officialdome to earn money from manipulating the state economy for his private profit. Would there be additional brave revelations similar to Mr Rimšēvics?