The Lithuanian capital is on the verge of bankruptcy, vice-mayor of Vilnius has said.
Vilnius on the verge of bankruptcy, vice-mayor warns
© DELFI / Kiril Čachovskij

“We are totally bankrupt and it’s no longer possible to hide that,” Romas Adomavičius told members of the parliamentary Budget and Finance Committee on Wednesday.

He said that the state should borrow more so as to cover its arrears to Vilnius.

Meanwhile Deputy Finance Minister Edmundas Žilevičius told the committee members that the authorities might once again need to increase the proportion of revenue from personal income tax earmarked to the local authority of Vilnius so as to tackle the debt problems of the capital city.

“It will once again be necessary to discuss a possibility to increase [the proportion of revenue from] personal income tax,” the official said.

The proportion of personal income tax revenue earmarked to the city of Vilnius was increased by 6 percentage points on 1 January, to 48 percent.

Meanwhile Valdas Klimantavičius, head of administration of the local authority of Vilnius, told the MPs that the banks refused to issue any new loans to the capital city.

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