Ambrose Evans-Pritchard
Latvia mulling IMF loan as crisis sweeps Nordic region
Latvia has been forced to bail out its second largest bank over the weekend and may soon need a rescue by the International Monetary Fund as the financial crisis engulfs the Baltic region, and much of Scandinanvia. Premier Ivars Godmanis stunned the country by announcing that Parex banka had been half-nationalised in an attempt to head off a serious crisis in the face of escalating capital flight from the country. Mr Godmanis said Latvia was examining a raft of measures to rescue the economy, including possible aid from the IMF and European Union. Iceland, Hungary, and Ukraine have already obtained loans for the IMF. More
Tags: Baltic region, European Union, Hungary, Iceland, IMF, Latvia, Parex banka, Scandinanvia, Ukraine
