Latvian Restructuring Plan 'Credible': Nordic-Baltic Constituency

A Latvian government proposal to radically restructure the country's ailing economy is credible and ambitious, the Swedish government said Wednesday on behalf of a group of Nordic and Baltic countries, Agence France-Presse reported. "The fiscal restructuring programme of the most credible restructuring programmes we've seen. It's very ambitious," Swedish Finance Minister Anders Borg told reporters in Stockholm, speaking for the eight-nation constituency. Latvia, which is in the grip of the sharpest recession in the 27-nation European Union, has said its priority is to cut state spending to try to fend off the worst and is slated to introduce economic adjustment measures aimed at cutting budgetary outlays, including salaries. Latvia launched talks last month with the International Monetary Fund, the European Union, the European Bank for Reconstruction and Development, and countries including Sweden, a leading investor in the Baltic state, in search of help to shore up its ailing economy. Read more.