Latvia’s rating cut as GDP falls 19.6%

Article reports that Latvia saw its Standard & Poor’s credit rating cut for the fourth time in a year on the 10 August 2009 as the country revealed that its economy shrank by a fifth in the second quarter of 2009.

The downgrade highlighted increasing international concern over the plight of Latvia and its neighbours as the Baltic region struggles to cope with the deepest recession in the European Union.

ESO: Background information: Europe prepares for a Baltic blast http://www.europeansources.info/record/europe-prepares-for-a-baltic-blast/

ESO: Background information: Latvia accepts aid stipulations http://www.europeansources.info/record/latvia-accepts-aid-stipulations/

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