"Half a billion euros will have to be cut!"

Janis Hermanis, an expert from the Latvian Confederation of Employers, confirmed the tragic financial situation in the country in an interview with TV-24. "Not only is there a large budget deficit, but there is also negative 'fiscal space'. This means that we need to cut half a billion or earn that half a billion. Both will be very difficult to achieve," the expert noted, reminding that the budget is undoubtedly influenced by two projects: airBaltic and, especially, Rail Baltica, as well as the 'green course' (EU climate policy requirements).

"Half a billion euros will have to be cut!" - expert warns Latvians