CELEX: 32009D0592
Language: en
Date: 2009-07-13 00:00:00
Title: 2009/592/EC: Council Decision of 13 July 2009 amending Decision 2009/290/EC of 20 January 2009 providing Community medium-term financial assistance for Latvia

4.8.2009   
            
            
               EN
            
            
               Official Journal of the European Union
            
            
               L 202/52
            
         
      COUNCIL DECISION
   
   of 13 July 2009
   amending Decision 2009/290/EC of 20 January 2009 providing Community medium-term financial assistance for Latvia
   (2009/592/EC)
   THE COUNCIL OF THE EUROPEAN UNION,
   Having regard to the Treaty establishing the European Community,
   Having regard to Council Regulation (EC) No 332/2002 of 18 February 2002 establishing a facility providing medium-term financial assistance for Member States balances of payments (1) and in particular Article 5, second subparagraph, in conjunction with Article 8 thereof,
   Having regard to the proposal from the Commission made after consulting the Economic and Financial Committee (EFC),
   Whereas:
   
               (1)
            
            
               By Decision 2009/289/EC (2), the Council decided to grant mutual assistance to Latvia. By Decision 2009/290/EC (3), the Council decided to provide medium-term financial assistance for Latvia.
            
         
               (2)
            
            
               The scope and intensity of the financial crisis affecting Latvia calls for a revision of the economic policy conditions foreseen for the disbursement of the instalments of the Community financial assistance with a view to taking into account the fiscal effects entailed by the significant reduction of the GDP.
            
         
               (3)
            
            
               Decision 2009/290/EC should therefore be amended accordingly,
            
         HAS ADOPTED THIS DECISION:
   Article 1
   Decision 2009/290/EC is hereby amended as follows:
   
               1.
            
            
               Article 3(5)(a) shall be replaced by the following:
               
                           ‘(a)
                        
                        
                           implementation of a clearly-set medium-term fiscal programme so as to bring the general government deficit below the Treaty reference value of 3 % of GDP with a timeframe and consolidation path consistent with the Council recommendation(s) to Latvia adopted under the excessive deficit procedure;’;
                        
                     
         
               2.
            
            
               Article 3(5)(b) shall be replaced by the following:
               
                           ‘(b)
                        
                        
                           implementation of the budget for 2009 and adoption of the budget for 2010 with sustainable measures consistent with the consolidation path;’.
                        
                     
         Article 2
   This Decision is addressed to the Republic of Latvia.
   Article 3
   This Decision shall be published in the Official Journal of the European Union.
   
      Done at Brussels, 13 July 2009.
      
         
            For the Council
         
         
            The President
         
         E. ERLANDSSON
         
      
   
   
      (1)  OJ L 53, 23.2.2002, p. 1.
   
      (2)  OJ L 79, 25.3.2009, p. 37.
   
      (3)  OJ L 79, 25.3.2009, p. 39.