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Economic Downturn : Latvia

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The economic downturn has had strong repercussions on the economy of Latvia. This country, which showed the most vigorous expansion in the EU in 2006 (12.2 %), has seen its GDP (Gross Domestic Product), fall by 10.5% in the fourth quarter of 2008. Latvia was forced to request 7.5 billion euro from the International Monetary Fund (IMF) and other creditors in December 2008, after the government had nationalised Parex, the country's second bank. This infoclip, released to illustrate this event, includes footage of: - general views of Riga, capital of Latvia; - Parex Bank; - unfinished buildings which have been abandoned due to financial problems; - price reductions in shops and in car sector; - companies which have closed and put their commercial premises on sale or for rent. This infloclip is transmitted at the occasion of a European Council that will be held on 19 and 20/03/2009 in Brussels, during which discussions on the economic downturn will take place.
SHOTLIST

Type: Stockshot   Reference: I-060795   Date: 18/03/2009   Duration: 06:31
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