LATVIA: Some Growth At A Big Price - Internal Devaluation.

WSJ/ MATTHEW DALTON/
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    After stringent measures to push down wages, Latvia has shown some growth.
   But some economists believe its lower trade deficit, stable currency and falling budget deficit are hiding obstacles to  future economic health.
    Those economists question Latvia continuing its peg to the euro. Wages there are down 12% below a few years ago and the country's trade gap has shrunk but exports haven't risen and manufacturers haven't gone on a hiring spree.Unemployment still hovers at 18%.

EUROLAND: Greece Must Adopt Latvia's Extreme Measures To Survive.

BLOOMBERG/   Latvia's central bank chief  Ilmars Rimsevics believes that Greece must make budget cuts similar to those employed by Latvia and Lithuania to weather the current economic crisis. “The Greek situation is similar to Latvia’s in that there is no other choice but to downsize expenditures,” said Rimsevics. "We are very pleased that Latvia is more and more mentioned as a template because a year ago people were thinking we are going to fail. Today, things are more or less out of the woods.”