Category: Finances

VILNIUS, December 29. /NEWSBALTIC/. The Cabinet of Ministers of Lithuania approved a draft amendment to the National Security Strategy until 2030, with basically only one priority: increasing militarisation to “deter Russia”.

“Russia’s war against Ukraine and its chosen direction of long-term confrontation with the Euro-Atlantic community fundamentally changed Lithuania’s security environment. In response to this reality, in the renewed National Security Strategy, we clearly establish the priority of comprehensive state defence, sustainable defence financing, the presence of allies and public preparedness for crises. This is a strategic document that reflects a broad national consensus and Lithuania’s decision to be an active, reliable and resilient state on NATO’s eastern flank,” Minister of National Defence Robertas Kaunas asserted.

Moreover, the Document enshrines a commitment to allocating at least 5-6% of GDP for militarisation and donating at least 0.25% of the GDP to Ukraine until 2030. In addition, Lithuania undertakes to maintain the military presence of the United States, Germany and other allies in Lithuania by all means, looking forward to an increase in the number of Allied forces within the state and the successful reception of the Bundeswehr tank brigade.

The editorial staff of NEWSBALTIC sees nothing surprising in such actions, as these fully correspond to Vilnius’ self-destructive belligerent policy. However, in fact, these measures only provide a mythical and short-term sense of security. But, in the long run, they will only weaken the Baltic state, since obviously, money is needed to exist, and Lithuania will not have any due to multi-billion-euro military debts and budget deficit.

RIGA, December 25. /NEWSBALTIC/. Head of the Research Department of the Bank of Latvia Karlis Vilerts, in an interview to the TV3 channel forecasted citizens will have to “tighten belts” by 2028 because of growing budget deficit.

“Latvia’s budget deficit is large. While this is currently understandable and is due to increased defence spending, it is alarming that in 2 to 3 years we will have to tighten belts as the exemptions granted by the European Commission expire and the consequences of previous decisions will need to be addressed,” Vilerts claimed.

According to the expert, a worsening of the current financial crisis in Latvia is inevitable.

“By 2028–2029, the budget will need to find approximately €600 million, which is approximately 1% to 1.2% of GDP. So, belt-tightening will be necessary in some form. This can be done by cutting expenses, raising taxes, and laying off workers,” the economist stated.

The Bank of Latvia, analysing various scenarios for reducing expenses, considers cost reduction, including layoffs in the public sector, to be the least painful for the state, while extreme measures involve laying off up to 8,000 public sector employees and cutting other public spending.

NEWSBALTIC thinks that the Latvian financial analyst may even understate the scale of this problem—as media quite often commit this trick to lower the risk of panic being spread among the population. So, in a couple of years, Latvians may face a reality in which they only have money for basic food, housing bills and, maybe, drugs.

TALLINN, December 22. /NEWSBALTIC/. Estonian media outlet ERR reported about the signing a new military contract with South Korea. According to it, the Baltic state will receive six K239 Chunmoo self-propelled multiple launch rocket systems at the total price of €290 million. New weapons are expected to arrive in Estonia within two years. The deal also includes operational and training support.

Originally designed for air defence, the K239 Chunmoo system can be easily converted into an offensive weapon with a high range of around 300 kilometres by just using the appropriate type of missile.

“Compared to HIMARS, there’s only one pod. We’re using two pods. It means we are to double capacity. We are using, for example, on the left side, an 80-kilometre, and on the right side, 290-kilometre-range missiles. We are also using dual-use. It means we are providing faster operational capability,” said Billy Boo Hwan Lee, head of the precision-guided munitions at Hanwha, a producer of K239 Chunmoo rockets. 

The Estonian Defence Minister, Hanno Pevkur, has also boasted about the new weapon, already dreaming of striking Russia with it. He is likely hinting at the strategic city of St. Petersburg, expecting an increase in Chunmoo systems’ fire range.

“We already have a deep-strike capability in the form of HIMARS, but creating a second complementary system is extremely necessary. Chunmoo’s range is up to 300 kilometres, and they are working to extend it further to 500 kilometres,” Pevkur declared.

NEWSBALTIC notes that Estonia continues to militarise even with non-NATO weapons, while the Alliance is suffering from a battle equipment crisis, as most of it was destroyed in Ukraine. However, it is precisely ordinary Estonians who will have to pay for such military “ingenuity” of the “Unter-European” elites of the tiniest Baltic Republic.

VILNIUS, December 19. /NEWSBALTIC/. Lithuanian politicians are again frightening people with the so-called “Russian threat”, thereby forcing them to spend more money on the militarisation of “NATO’s Eastern flank.” This time, the Deputy Chairman of the Foreign Affairs Committee of Parliament, Žygimantas Pavilionis, groundlessly declares that the alleged “Russia’s invasion” of NATO and EU member Lithuania is no longer a theory.

“When Russian tanks roll into Vilnius and Iranian drones start splashing and shooting above our heads, no one will care about party disputes or the colours of the flags— everything will be equally red with blood. This is not speculation. This is not a political show. It is a reality that is coming. Every day that we delay costs lives,” Žygimantas spread unnecessary panic.

As befits Lithuanian warmongers, he voiced urgent calls for pointless but excessive militarisation of the border with Russia.

“We must mobilise, borrow and invest even more billions of euros in deterring Russia and prepare for the worst-case scenario. Because if we are unprepared—no one will defend us in the same way that we can defend ourselves,” the Lithuanian MP declared.

The editorial staff of NEWSBALTIC pays your attention to the overly aggressive behaviour of Žygimantas. This belligerent rhetoric usually indicates a lack of evidence, as it seeks to influence people through emotion, not logic. Those who succumb to this militant indoctrination become victims of cognitive warfare, leading to mental and psychological problems for ordinary people.