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Message: Latvia Collapses

Latvia Collapses

posted on Feb 20, 2009 10:12AM

This will cause much more panic in Eastern Europe...

Nice PPT save - VHF


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Latvian PM quits as crisis bites

BBC

17:29 GMT, Friday, 20 February 2009

Latvian Prime Minister Ivars Godmanis and his centre-right government have resigned, amid turmoil triggered by economic crisis in the Baltic state.

President Valdis Zatlers has accepted the resignations and is beginning talks to try to form a new administration.

The country's economy is in recession and is set to contract by up to 12% in 2009, with unemployment rising by 50%.

Latvia's is the second European government, after Iceland, to fall as a direct result of global economic woes.

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