Latvia Must Make Severe Cuts In Services To Gain Aid.

GLOBALPOST.COM.
The global recession has hit Latvia hard. Its GDP DROPPED by 19 percent in the second quarter of 2009 and the IMF projected that Latvia will suffer the world's WORST DOWNTURN this year. Because of it, Latvia got an emergency loan package of nearly $10 billion from the IMF and EU. But the aid is contingent on SEVERE cuts in government spending and services.