IMF aid for Latvia

After Hungary, Latvia is now the second EU state to enter into negotiations with the International Monetary Fund (IMF) over possible financial aid to weather the economic crisis. Neatkariga Rita Avize newspaper asks how serious the situation really is: "Such a demand is tantamount to hoisting the white flag. It means that a state has no more financial means at its disposal to keep its economy afloat and guarantee the stability of its currency. The next step is state bankruptcy. The IMF has already come to the aid of Pakistan, Hungary, Ukraine and Iceland. Now Latvia also belongs to the group of endangered economies. ... But neither Prime Minister Ivars Godmanis nor Finance Minister Atis Slakteris have indicated how much aid they are asking for. Instead they continually repeat the fact that negotiations must precede any decision."

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