Foreign businesses cut back, but don't pull out

  • 2009-06-10
  • By Kate McIntosh
RIGA - Foreign businesses may have to slash staff and scale back operations in a bid to weather Latvia's economic storm. Blessed with a unique geographical location, Latvia has been at the center of international commerce and a gateway between East and West since the 14th century.In the boom times of days gone by foreign investment flowed as businesses sought to capitalize on the emerging Baltic markets.But after gorging on easy credit and now faced with huge current account deficits and soaring debt, the Baltic States, and in particular Latvia, emerged as among the worst performing r...
 
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