Opposition Expected To Gain In Lithuanian Ballot
VILNIUS, Lithuania (AP) â¿¿ Lithuanians are expected to deal a double-blow to the incumbent conservative government in national elections Sunday by handing a victory to opposition leftists and populists and saying no to a new nuclear power plant that supporters claim would boost the country's energy independence.
Exhausted after years of budget cuts, high unemployment, and declining living standards, Lithuanians were likely to opt for either the Social Democrats or Order and Justice, a populist party led by a former president impeached eight years ago, according to pre-election polls.
The government of Prime Minister Andrius Kubilius took over at the end of 2008 and was immediately forced to cut spending and raise taxes to fend off a crushing economic decline that followed years of robust growth. Though Lithuania has avoided defaulting on its debts, its citizens have felt the financial pinch and seen their standard of living fall sharply.Despite an uptick in economic activity last year, unemployment was 13.3 percent in the second quarter. Tens of thousands of people have fled the country to seek jobs elsewhere in the European Union, leading to one of the sharpest demographic declines in all of Europe. "Some call it austerity measures, but Kubilius' methods seem like genocide to me. What they did to our country will take years to restore. The tax system is crazy...people are fleeing the country. This must stop before it's too late," said Vytautas Klimka, 65, outside a voting station in downtown Vilnius. Though 141 seats are up for grabs, only half are determined by party lists, while the others are single-mandate districts that, in the absence of a majority winner, will require a run-off vote between the top two finalists on Oct. 28. Only then will a clear picture emerge as to what the next coalition could look like.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV