2012-05-28 10:53

Austerity-weary Lithuanians less enthusiastic about fiscal discipline than other Europeans

Residents of the European Union (EU) see investment in economic development and cutting of public spending as equally important instruments of fighting the crisis, whereas Lithuanians prioritize economic growth, shows a fresh Eurobarometer survey.
2008-ieji amerikiečiams tapo taupaus gyvenimo metais.
In an effort to handle the crisis, Lithuania introduced rigid saving instruments before the majority of other European nations did. / Photos.com nuotr.

Carried out in March, the Eurobarometer survey asked people to specify the ways of rapidly handling the crisis.

Some 25 percent of those polled across the EU said countries should first of all invest in instruments for economic stimulation, while the answer was picked by 38 percent of respondents in Lithuania.

Another 23 percent of EU respondents and 14 percent of those polled in Lithuania said it was vital to first cut public spending, while 47 percent of polled EU residents and 42 percent of Lithuanians said both instruments should be applied.

In an effort to handle the crisis, Lithuania introduced rigid saving instruments before the majority of other European nations did. The country's economy went down by nearly 15 percent in 2009, reporting a modest growth of 1.4 percent in 2010. The gross domestic product (GDP) swelled by 6 percent last year and is expected to grow 2.5 percent in 2012.

Over the past few years, the necessity to save was emphasized at all EU summits, and leaders of 25 member-nations signed an agreement on fiscal discipline in March.

However, the population's indignation at saving measures and the victory of Socialist Francois Hollande in the French presidential election escalated calls for the EU to develop a strategy for boosting development and employment rather than focusing on fiscal discipline only.

The Eurobarometer survey interviewed 26,500 respondents in the EU and 1,016 residents in Lithuania.

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