Latvia to Seek Massive Bailout Package

Latvia may request up to EUR3 billion (USD3.85 billion) from the International Monetary Fund and the European Union to stabilize its economy, Finance Minister Atis Slakteris said. Latvia, suffering the deepest recession among the 27 EU member states, will join emerging market economies such as Hungary, Ukraine, Iceland, Serbia, Pakistan, Turkey and Belarus in seeking a rescue package amid the global financial crisis. (“Latvia May Ask IMF and EU for More Than USD2.1 Billion (Update4)” - Bloomberg, Nov. 25, 2008)

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