Press TV has conducted an interview with Bill Still, author of “The Money Masters”, about Latvia joining the crisis-hit eurozone against the wishes of its own people, becoming the 18th member of the single currency bloc.
What follows is an approximate transcription of the interview.
Press TV: Mr. Still, Latvia has joined the EU, but why? The EU itself is falling apart, so what is the deal here?
Still: Well they just made a horrible mistake. I think the politicians who are very happy to be involved in ever bigger union for their own jobs and to get jobs with the European Union bloc but they are playing on the people’s fear of a hostile Russia basically trying to recreate the Soviet Union and I think that is probably the deciding factor that is allowing them to do this.
Certainly the people, the polling is terrible as far as euro adoption. When I first, when I did my last story on Latvia back in October, only 22 percent of the people favored adoption of the euro and now the latest polling, that has dropped to 20 percent.
You know Latvia had the fourth strongest currency in the world, the Latvian Lat and in fact the way the Latvians pulled themselves out of this horrible post Soviet Union depression was they issued the Lat just the way a good government should. They issued it without debt for the benefit of all citizens equally and that is how they pulled themselves up from basically zero to the largest growth rate in the European Union, five percent GDP growth rate for the past two consecutive years.