RIGA — Latvian President Valdis Zatlers has vetoed three controversial bills from the parliament covering insolvency reform, Latvian language requirements for media companies and anti-corruption legislation.

While Zatlers supported the purpose and parts of each bill, he found sufficient objections with other parts that he is requesting the Saeima take another look at them. If parliament passes them again, Zatlers only recourse will be to [private_supervisor]suspend their passage for two months and seek a national referendum against passing them or to simply let the bills become law.

Although the International Monetary Fund, which along with the European Union is keeping the Latvian government afloat with emergency loans, supported the insolvency act it received heavy criticism from the Latvian Commercial Banks Association.

Bankruptcy is a major issue in Latvia given that the country is going through hard economic times.

Under the vetoed bill, it would be more expensive to initiate bankruptcy proceedings, but it will be a more streamlined process, which would hopefully make the process more transparent. It will also be possible to remove individual debts under the new law, as under current law bankruptcy does still leaves the insolvent party with debt.

The time that creditors would have to claim would be reduced from three to one month.

Under the new proposal any person, that has been a Latvian taxpayer for more than six months, with more than 5,000 lats (€7,000) in debt will be able to declare bankruptcy, after which the person’s property may be confiscated by the creditor to pay back the debt.

To discourage the profligate lending in the lead-up to the downturn, the new law would also require a 50 percent down payment on new mortgages.

Teodors Tverijons, Latvian Commercial Banks Association president warned that if passed the law would discourage lending. This would hurt the Latvian economy, which desperately needs the lines of credit to begin flowing again to recover from one of the deepest recessions in the world.

Zatlers said the law’s application should distinguish between debt levels and the person’s legal status and did not take its potential effect on the national budget.

Russian language broadcasters forced to use Latvian

The electronic media act, a favorite of nationalists, would essentially muzzle the country’s Russian-language broadcast media by requiring television and radio stations to broadcast 65 percent of air time in the Latvian language. While the bill’s stated purpose was to further integration between the country’s two largest ethnic groups, it had the opposite effect on ethnic Russian groups. The bill is part of a long-term government goal of having all residents be fluent in Latvian by 2030.

Zatlers did not disagree with this aspect, but instead asked parliament to re-examine the advertising clauses, percentage of required Latvian language broadcasting in primetime and how local and national broadcasters compete.

The anti-corruption reform would require the inspection of political party board members incomes, and while Zatlers supported this in the name of transparency he noted that since these people are not public officials but private individuals, other laws must be changed to allow this. [/private_supervisor] [private_subscription 1 month]suspend their passage for two months and seek a national referendum against passing them or to simply let the bills become law.

Although the International Monetary Fund, which along with the European Union is keeping the Latvian government afloat with emergency loans, supported the insolvency act it received heavy criticism from the Latvian Commercial Banks Association.

Bankruptcy is a major issue in Latvia given that the country is going through hard economic times.

Under the vetoed bill, it would be more expensive to initiate bankruptcy proceedings, but it will be a more streamlined process, which would hopefully make the process more transparent. It will also be possible to remove individual debts under the new law, as under current law bankruptcy does still leaves the insolvent party with debt.

The time that creditors would have to claim would be reduced from three to one month.

Under the new proposal any person, that has been a Latvian taxpayer for more than six months, with more than 5,000 lats (€7,000) in debt will be able to declare bankruptcy, after which the person’s property may be confiscated by the creditor to pay back the debt.

To discourage the profligate lending in the lead-up to the downturn, the new law would also require a 50 percent down payment on new mortgages.

Teodors Tverijons, Latvian Commercial Banks Association president warned that if passed the law would discourage lending. This would hurt the Latvian economy, which desperately needs the lines of credit to begin flowing again to recover from one of the deepest recessions in the world.

Zatlers said the law’s application should distinguish between debt levels and the person’s legal status and did not take its potential effect on the national budget.

Russian language broadcasters forced to use Latvian

The electronic media act, a favorite of nationalists, would essentially muzzle the country’s Russian-language broadcast media by requiring television and radio stations to broadcast 65 percent of air time in the Latvian language. While the bill’s stated purpose was to further integration between the country’s two largest ethnic groups, it had the opposite effect on ethnic Russian groups. The bill is part of a long-term government goal of having all residents be fluent in Latvian by 2030.

Zatlers did not disagree with this aspect, but instead asked parliament to re-examine the advertising clauses, percentage of required Latvian language broadcasting in primetime and how local and national broadcasters compete.

The anti-corruption reform would require the inspection of political party board members incomes, and while Zatlers supported this in the name of transparency he noted that since these people are not public officials but private individuals, other laws must be changed to allow this. [/private_subscription 1 month] [private_subscription 4 months]suspend their passage for two months and seek a national referendum against passing them or to simply let the bills become law.

Although the International Monetary Fund, which along with the European Union is keeping the Latvian government afloat with emergency loans, supported the insolvency act it received heavy criticism from the Latvian Commercial Banks Association.

Bankruptcy is a major issue in Latvia given that the country is going through hard economic times.

Under the vetoed bill, it would be more expensive to initiate bankruptcy proceedings, but it will be a more streamlined process, which would hopefully make the process more transparent. It will also be possible to remove individual debts under the new law, as under current law bankruptcy does still leaves the insolvent party with debt.

The time that creditors would have to claim would be reduced from three to one month.

Under the new proposal any person, that has been a Latvian taxpayer for more than six months, with more than 5,000 lats (€7,000) in debt will be able to declare bankruptcy, after which the person’s property may be confiscated by the creditor to pay back the debt.

To discourage the profligate lending in the lead-up to the downturn, the new law would also require a 50 percent down payment on new mortgages.

Teodors Tverijons, Latvian Commercial Banks Association president warned that if passed the law would discourage lending. This would hurt the Latvian economy, which desperately needs the lines of credit to begin flowing again to recover from one of the deepest recessions in the world.

Zatlers said the law’s application should distinguish between debt levels and the person’s legal status and did not take its potential effect on the national budget.

Russian language broadcasters forced to use Latvian

The electronic media act, a favorite of nationalists, would essentially muzzle the country’s Russian-language broadcast media by requiring television and radio stations to broadcast 65 percent of air time in the Latvian language. While the bill’s stated purpose was to further integration between the country’s two largest ethnic groups, it had the opposite effect on ethnic Russian groups. The bill is part of a long-term government goal of having all residents be fluent in Latvian by 2030.

Zatlers did not disagree with this aspect, but instead asked parliament to re-examine the advertising clauses, percentage of required Latvian language broadcasting in primetime and how local and national broadcasters compete.

The anti-corruption reform would require the inspection of political party board members incomes, and while Zatlers supported this in the name of transparency he noted that since these people are not public officials but private individuals, other laws must be changed to allow this. [/private_subscription 4 months] [private_subscription 1 year]suspend their passage for two months and seek a national referendum against passing them or to simply let the bills become law.

Although the International Monetary Fund, which along with the European Union is keeping the Latvian government afloat with emergency loans, supported the insolvency act it received heavy criticism from the Latvian Commercial Banks Association.

Bankruptcy is a major issue in Latvia given that the country is going through hard economic times.

Under the vetoed bill, it would be more expensive to initiate bankruptcy proceedings, but it will be a more streamlined process, which would hopefully make the process more transparent. It will also be possible to remove individual debts under the new law, as under current law bankruptcy does still leaves the insolvent party with debt.

The time that creditors would have to claim would be reduced from three to one month.

Under the new proposal any person, that has been a Latvian taxpayer for more than six months, with more than 5,000 lats (€7,000) in debt will be able to declare bankruptcy, after which the person’s property may be confiscated by the creditor to pay back the debt.

To discourage the profligate lending in the lead-up to the downturn, the new law would also require a 50 percent down payment on new mortgages.

Teodors Tverijons, Latvian Commercial Banks Association president warned that if passed the law would discourage lending. This would hurt the Latvian economy, which desperately needs the lines of credit to begin flowing again to recover from one of the deepest recessions in the world.

Zatlers said the law’s application should distinguish between debt levels and the person’s legal status and did not take its potential effect on the national budget.

Russian language broadcasters forced to use Latvian

The electronic media act, a favorite of nationalists, would essentially muzzle the country’s Russian-language broadcast media by requiring television and radio stations to broadcast 65 percent of air time in the Latvian language. While the bill’s stated purpose was to further integration between the country’s two largest ethnic groups, it had the opposite effect on ethnic Russian groups. The bill is part of a long-term government goal of having all residents be fluent in Latvian by 2030.

Zatlers did not disagree with this aspect, but instead asked parliament to re-examine the advertising clauses, percentage of required Latvian language broadcasting in primetime and how local and national broadcasters compete.

The anti-corruption reform would require the inspection of political party board members incomes, and while Zatlers supported this in the name of transparency he noted that since these people are not public officials but private individuals, other laws must be changed to allow this. [/private_subscription 1 year]

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