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European Journal Latvia: From Boom to Bankrupt
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European Journal Latvia: From Boom to Bankrupt
On May 1,2004,10 countries - predominantly from eastern Europe - joined the European Union. Five years after the expansion into the east,the euphoria has somewhat dissipated,even among the erstwhile ideal candidates. Just a year ago,Latvians could proudly point to double-digit economic growth. Nowhere else did salaries rise faster - the politicians in Riga wanted to be at the forefront of achieving prosperity. Now things are going down steeply,the Latvian economy is sinking by at least 12 per cent. An unemployment rate of 20 per cent is expected. Many civil servants such as police officers or teachers can only look on as their salaries are drastically cut. In Latvia,the crisis is even affecting children. A number of schools had to be closed.
Video Length: 294
Date Found: March 10, 2011
Date Produced: March 10, 2011
View Count: 1
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