RIGA - The banks in the Baltic States have been operating in a very turbulent environment ever since the subprime mortgage crisis erupted in the U.S. The experts agree that the economies of Latvia, Lithuania and Estonia are in trouble and any turnaround is unlikely in the immediate future. The optimism of the post-independence years has been dampened by the harsh reality of this crisis period. The real estate market bubble bursting with a bang, with prices down by 60 percent in some markets, high credit growth which came to a halt at the end of 2007, and large current account deficits of ...
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