THE VOICE OF INTERNATIONAL LITHUANIA
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Lithuania’s budget deficit will remain “high” for several years, because of swelling government debt, and weigh on the country’s credit ratings, Moody’s Investor Service concluded in 2010. Lithuania’s economic recession, the deepest since the fall of communism 20 years ago, is undercutting the government’s efforts to narrow the budget gap, which swelled to about 9.5 percent of gross domestic product last year. The government of Prime Minister Andrius Kubilius cut spending and raised taxes to save about 9 percent of GDP last year. “The government’s budget deficit is still very high, and will remain high for several more years, causing a significant increase in government debt,” Orchard said. “We continue to assess the evolution of both the economy and government finances to determine whether the rating should remain at Baa1 or be downgraded to Baa2.” Moody’s rates Lithuania’s sovereign debt Baa1, the third- lowest investment grade.
The Moody rating, which was cut twice in 2009, has a negative outlook.
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Val · 714 weeks ago