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ugiszeltins

Listed below are comments made by ugiszeltins between Monday, 23rd March 2009 and Monday, 23rd March 2009.

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Eurocrash: how Latvia's boom turned to bust (make that "slump") 08:51am on 23 Mar 2009 While feeling profoundly sorry for those who have lost their jobs, I must say that the situation on 'ground zero' does not feel as bad as visiting reporters would have us believe. Riga on a Saturday night is almost as full as it was a year or two ago.

So far – and let's hope it stays that way – mostly people who deserved to suffer, either for their stupidity or vanity, do so. If a business that has leveraged finance on the assumption that turnover would continue grow by, say, 50% a year goes bust, I dare say it is the result of stupidity rather than unfortunate turn of events.

The boom was largely virtual, and at least up to now so is the bust.

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