Baltic Economy Meltdown
According to the Baltic Course, Estonia is now likely to participate in a rescue plan for Latvia
You know things are bad when your next door neighbor is starting to feel the need to help out, what is already a concerted effort between the IMF, the European Commission and some EU countries.
As I mentioned a few posts below, Sweden urged other EU members to help out the Latvian economy since they are feeling the heat of the meltdown of the Latvian economy. You see Sweden has a vested interest in the region with all the influence its banks have in the economy. The same is true for some Austrian and German banks operating in other Eastern European markets.
In the mean time we’re all waiting to see what happens in Estonia. Given the recent speculation about devaluation in the Latvian Lat, everyone is worried that the same pressure will be placed on the Estonian Kroon, and as we all know most loans these days were issued in Euros, and most people still get their salaries in EEK, so there is a real danger that people will have to pay off a higher loan getting less money for the same work.
In the midst of all this, the few Latvians who do have the balls to speak out about the situation, are sent to jail
Go Baltics!!