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Luxembourg

Yearbook 2012

Luxembourg. According to countryaah, the debt crisis in euro area countries also echoed in prosperous Luxembourg when the credit rating agency Moody's in July warned that the country risked a downgrade from the highest credit rating. The reason was that the Luxembourg economy was largely dependent on the financial sector.

Luxembourg's throne heir, 31-year-old heiress Guillaume, got engaged in April with Belgian Countess Stéphanie de Lannoy. The couple wed in October in Luxembourg-Ville.

2012 Luxembourg

In February 1996, Prime Minister Adolfas Slezevicius was replaced by Mindaugas Stankevicius, who was already replaced by Gediminas Vagnorius in December. During this period, inflation fell from 35 to 14% and gross domestic product increased by 3%.

The 1996 parliamentary election was won by the opposition, which allowed Landsbergis to take over the leadership of the National Assembly. This cohabitation with the former communists (who held the presidential post) ended with the 1997-98 elections, when Valdas Adamkus was elected by a small margin to the president in the second round of elections ahead of his rival, the former communist Arturas Paulauskas. The 71-year-old Adamkus had lived over 40 years in the United States and had been a member of the Conservative Party. His campaign was based on a consolidation of the market economy, greater rapprochement with the United States and Lithuania's accession to NATO.

In October 1999, Finance Minister Jonas Lionginas and Minister of Economy Eugenijus Maldeikis resigned in protest of the government's approval of the sale of the state oil company to the North American company Williams International. The sale transferred control of the refinery and export terminal to the foreign company. As a result of widespread protests against this sale, Prime Minister Rolandas Paksas was forced to resign in October. Instead, the president appointed Deputy Prime Minister Andrius Kubilius and continued the deal.

That same month, Parliament approved a border agreement with Russia - the first since the collapse of the Soviet Union. Above all, the agreement established access roads to Kaliningrad - a Russian enclave in the southeastern corner of Lithuania with no direct connection to the other Russian Federation. In December 1999, the EU decided to include Lithuania on the list of countries eligible to join the Union. This was considered a victory by the Lithuanian government.

 

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