Knowledge (XXG)

2008 Latvian financial crisis

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lauded Latvia's accomplishments in bringing order to the country's economy, and emphasized Latvia must complete three more tasks - strive to join the eurozone, promote economic competitiveness, reduce social inequality. She concluded that by implementing its international loan program, Latvia has
218:. Early 2009 estimates predicted that the economy would contract by around 12% in 2009, but even those gloomy forecasts turned out to be too optimistic as the economy contracted by nearly 18% in the fourth quarter of 2009, showing little signs of recovery. 214:. In December 2008, the Latvian unemployment rate stood at 7%. By December 2009, the figure had risen to 22.8%. The number of unemployed has more than tripled since the onset of the crisis, giving Latvia the highest rate of unemployment growth in the 195:
subsequently downgraded Latvia's credit rating to non-investment grade BB+, or "junk", its worst ever rating. Its rating was put on negative outlook, which indicates a possible further cut. On February 20 the Latvian coalition government headed by
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raised its outlook on Latvia's debt from negative to stable. Latvia's current account, which had been in deficit by 27% in late 2006 was in surplus in February 2010. Kenneth Orchard, senior analyst at
153:. The crisis was generated when an easy credit market burst, resulting in an unemployment crisis, along with the bankruptcy of many companies. Since 2010, economic activity has recovered and Latvia's 3218: 233:"The strengthening regional economy is supporting Latvian production and exports, while the sharp swing in the current account balance suggests that the country’s ‘internal devaluation’ is working." 2515: 454: 3169: 587: 405: 3329: 1748: 47: 3208: 2283: 2268: 769: 169:
In 2008, following years of booming economic success, the Latvian economy took one of the sharpest downturns in the world, picking up pace in the last quarter in which
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Do not translate text that appears unreliable or low-quality. If possible, verify the text with references provided in the foreign-language article.
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European Commission's "Country workshop: EU Balance-of-Payments assistance for Latvia: Foundations of Success" (01/03/2012).
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Content in this edit is translated from the existing Latvian Knowledge (XXG) article at ]; see its history for attribution.
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However, by 2010 commentators noted signs of stabilisation in the Latvian economy. Rating agency
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IMF-Bank of Latvia's "Conference on Lessons From the Recovery in the Baltics" (05/06/2012).
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for an emergency bailout loan of 7.5 billion Euros, while at the same time the government
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Increases in unemployment in Baltic States were highest in EU in April y-o-y
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Latvia’s Recession: The Cost of Adjustment With An “Internal Devaluation”
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contracted by 10.5%. In February 2009 the Latvian government asked the
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to the source of your translation. A model attribution edit summary is
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List of banks acquired or bankrupted during the Great Recession
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List of banks acquired or bankrupted during the Great Recession
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Latvia’s Credit Risk Rises to Record on Bankruptcy Concern
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Dodd–Frank Wall Street Reform and Consumer Protection Act
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European Commission's DG ECFIN's country page on Latvia.
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Latvia's Economy Contracts Almost 18 Percent in Q4 2009
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National fiscal policy response to the Great Recession
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Post-Napoleonic Irish grain price and land use shocks
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Those who change will endure - IMF managing director
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a machine-translated version of the Latvian article.
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Index

2008–2010 Latvian financial crisis
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2007–2008 financial crisis
Latvia
economic growth
EU member states
GDP
International Monetary Fund
European Union
nationalized
Parex Bank
Standard & Poors
Prime Minister of Latvia
Ivars Godmanis
Baltic states
Great Recession
EU
Standard & Poor's
Moody's
International Monetary Fund
Christine Lagarde

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