We’re not another Cyprus, Latvia says

Latvia, where about one-third of the population is Russian-speaking and which has long positioned itself as an offshore bank centre for its big neighbour, has seen the share of non-resident deposits in its banks rise in recent years.

Kristaps Zakulis, head of the FKTK financial sector regulator, said on 21 March 2013, he saw no new rush of funds due to troubles in Cyprus, home to large amounts of Russian offshore funds and struggling to strike a deal for a eurozone bailout.

• Primary Source

ESO: Background information: Latvia on track to join euro in 2014, says PM http://www.europeansources.info/record/latvia-on-track-to-join-euro-in-2014-says-pm/

ESO: Background information: Eurogroup Statement on Cyprus http://www.europeansources.info/record/eurogroup-statement-on-cyprus/

Hospodářské Noviny, 26.03.13: Cypriot crisis is a boon for “Switzerland of the Baltic” (via PressEurop) http://www.presseurop.eu/en/content/news-brief/3593091-cypriot-crisis-boon-switzerland-baltic

European Commission: DG Economic and Financial Affairs: The euro: Your country and the euro: Latvia and the euro http://ec.europa.eu/economy_finance/euro/countries/latvia_en.htm

EUObserver, 06.03.13: Latvia submits bid to join euro in 2014 http://euobserver.com/economic/119294

Latvia: Ministry of Finance: Euro Changeover site http://www.eiro.lv/eng/the_euro/euro_changeover_in_latvia/latvias_national_euro_changeover_plan/

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