Minister of Finance of Latvia threatened bankruptcy of the country.

Latvia will become insolvent state, if in the near future will not be a program to stabilize the economy, and the government obtains a loan from the International Monetary Fund. With such a statement was made by the head of the Ministry of Finance Atis Slakteris, transfer agency Mixnews.lv.
According Slakterisa already in the first half of 2009, the Government may not be enough funds to pay pensions and salaries. The situation can be remedied only by IMF loans, said Slakteris.
According to the Minister of Finance if the Government and the Saeima approved a program to stabilize the economy during the current week, the loan from the IMF could be obtained before Christmas (December 25).
Recall that Latvia was one of the most affected by the global financial crisis, countries in Eastern Europe. In particular, in Latvia was nationalized one of the largest banks - Parex banka, a sovereign credit rating downgraded to "BBB-" from Standard & Poor's and to "A3" by Moody's Investors Service.
Latvia applied for credit in the IMF in mid-November 2008. At the same time Slakteris stressed that the country could do without those funds, but they will be able to support the local economy. It is expected that Latvia will receive from the IMF three to five billion euros.