Eurostat has written a letter confirming that Valdis Dombrovskis’ deal to sell Parex Bank stock to the EBRD in 2009 was a fraud.  The “sale” was actually a “loan” because Latvia must buy back the stock.  The Eurostat letter indicates another fraud also:  when Latvia gave free Citadele stock (the EBRD bought Parex stock, not Citadele stock) to the EBRD this should have been recorded as an expense.  Latvia is required, according to the illegal deal, to buy back the Citadele stock for an unknown price at an unknown time.  However, Latvia made the deal “confidential.”  We thought “confidential” was for military secrets.  How can the national debt be “confidential” from voters, taxpayers, and creditors?  We hope the next government will repudiate the debt and sue the EBRD to take back the Citadele stock.

Eurostat letter September 2014