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Latvia may not be a big nation with its population of just 2.2 million, but lately it has been battling some very big problems. In 2009 the world economy caught a chill; in Latvia, however, it was more like a bad attack of pneumonia – GDP fell by a staggering 18 per cent and by January 2010 the unemployment rate was 20.4 per cent. Although the economy is set to return to growth this year, much of the damage was caused by the large pop emanating from the bursting property bubble.

Latvians have punished their old-guard politicians for the slaying of…



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