EU Offers Bailout Package for Latvia

The European Commission intends to lend Latvia EUR3.1 billion (USD4.2 billion) to ease the severe effects of the financial crisis in the Northern European nation. A report by the

quoted the commission as saying that, "(The assistance) will put the Latvian economy on a sounder and more sustainable footing." EU finance ministers will meet later this month to discuss the loan, which will be released in six installments over the next two years.

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