Einars Repše

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Einars Repše
Minister of Finance
In office
12 March 2009 – 3 November 2010
PresidentValdis Zatlers
Prime MinisterValdis Dombrovskis
Preceded byAtis Slakteris
Succeeded byAndris Vilks
Personal details
Born (1961-12-09) 9 December 1961 (age 62)
Unity (2011-2013)
For Latvia's Development (2013–present)
Alma materUniversity of Latvia

Einars Repše (born 9 December 1961)[1] is a Latvian physicist, financier and politician, chairman of the Association for Latvian Development.

Biography

Einars Repše graduated from Latvia State University (now known as University of Latvia) in 1986 with a degree in physics (specialisation – radio electronics). He first entered politics in 1988 as one of the founders of the

Latvian National Independence Movement (LNNK), a political organization promoting Latvia's independence from the Soviet Union. He was elected to the parliament of Latvia
in 1990.

From 1991 to 2001, Repše was the president of the

Latvian rouble, Latvia's temporary transition currency and the Lats, independent Latvia's new currency. Under Repše, the Bank of Latvia pursued a tight monetary policy, implementing a de facto currency board for the Lats. As a result, the exchange rate of the lat has been stable since the early 1990s till now. Inflation was brought down from almost 1000% initially to low single digits within a few years. The success of the Lats made Repše very popular in Latvia.[2]

In 2001, Repše resigned from the Bank of Latvia to return to politics. He founded the

budget deficit
from 3% of GDP in 2002 to 1.8% in 2003.

Starting in September 2003, a conflict between Repše and the Latvia First Party, one of his coalition partners, became apparent. Repše blamed the conflict on vested interests resisting his anti-corruption plans. The coalition partners mentioned Repše's authoritarian management style and unofficially delegating many of his powers as prime minister to his chief of staff Dans Titavs as the main reason for the conflict. Repše's government became a

minister of defence
. During his service, however, he at times was portrayed by the press as more involved in his hobbies and business, than in governmental activities, losing popularity among the electorate.

In 2003, Repše bought real estate at various locations in rural Latvia for a total of 323 718 lats (approx. 500 000 euros). His real estate purchases were funded by loans from two Latvian banks, Hansabanka and Nord/LB Latvia. Repše's opponents immediately questioned his real estate deals, claiming that Repše has used his position to obtain loans on conditions better than those available to the general public.[

Corruption Prevention and Combating Bureau (KNAB). Due to this investigation, Repše resigned from his position as the minister of defence, even though he was never officially declared a suspect under the case.[3]
On 12 October 2007 KNAB closed the criminal probe – no wrongdoing was discovered.

Repše's real estate deals, confrontational management style and somewhat flamboyant lifestyle led to a major decline in his popularity. In 1999 and 2000, Repše was one of the most trusted politicians in Latvia, with 75%–80% Latvians having a positive opinion of him. By the time of his resignation in 2005, he was the least popular minister in the Latvian government.

Repše was

Minister of Finance of Latvia from 12 March 2009 to 3 November 2010, during the toughest time right after the world credit crisis. He brought down the deficits ruthlessly, put the state finances in order, and paved the way for Latvia to join the euro which was accomplished during the next government.[4]

In 2013 Repše returned to active politics and founded society, later transformed into political party "For Latvia's Development".[5] After unsuccessful parliamentary elections in October 2014, Repše completely retired from politics.

As to his hobbies, he is known to be interested in flying, aircraft building, painting and mountaineering.[6]

References

  1. ^ "Repše Einars". Letonika.lv (in Latvian). Tilde. Retrieved 19 November 2016.
  2. ^ "President most popular politician in Latvia". The Baltic Times. 16 March 2000. Retrieved 28 February 2004.
  3. ^ Strautmanis, Andris (22 December 2005). "Investigation into Repse's business affairs to be finished in July". Latvians Online. Retrieved 22 June 2006.
  4. ^ "The Cabinet of Ministers of the Republic of Latvia: Einars Repše". Internet Archive. Republic of Latvia. Archived from the original on 15 September 2009. Retrieved 22 February 2014.
  5. ^ "Einars Repse has returned to active politics in Latvia". The Baltic Course. 2 January 2013. Retrieved 13 December 2013.
  6. ^ "Politician up close: Einars Repse". Baltic News Network. 20 March 2013. Retrieved 13 December 2013.
Political offices
Preceded by Prime Minister of Latvia
7 November 2002 – 9 March 2004
Succeeded by