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Examples
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The government in late 2008 took over local lender Parex Bank after depositors started withdrawing cash amid fears over the worsening economic crisis.
Latvians Regain Their Calm Gustav Sandstrom 2011
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The International Monetary Fund the same year agreed on a $2.35 billion financial aid arrangement for Latvia, partly aimed at resolving the problems at Parex.
Latvians Regain Their Calm Gustav Sandstrom 2011
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The government in late 2008 took over local lender Parex Bank after depositors started withdrawing cash amid fears over the worsening economic crisis.
Latvia Probes Rumors Behind Cash Withdrawals Gustav Sandstrom 2011
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Latvia's regime isn't as strict, and euro reserves dipped below 100% of circulating lats when Riga bailed out the country's second-largest bank, Parex, last year.
The Devaluation Idea 2009
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Latvia's regime isn't as strict, and euro reserves dipped below 100% of circulating lats when Riga bailed out the country's second-largest bank, Parex, last year.
Lats on Its Back 2009
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A deal involving Parex would be the first time the EBRD has taken an equity stake in an Eastern European bank since the global financial storm swept into the region last year.
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Latvia's Prime Minister Valdis Dombrovskis, in an interview Wednesday after talks with the EBRD, said an EBRD stake in Parex would provide a needed boost.
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EBRD's first vice president, said the bank was looking to fortify Parex and "support the real sector of Latvia's economy," which is forecast to shrink at least 12% this year.
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The takeover of Parex marks an about-face for Latvian authorities, which had previously said the country's 26 banks were sound.
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Parex, in a statement, welcomed the government's intervention, saying it would allow the bank to "preserve its liquidity" and relieve "possible doubts" about its ability to raise funds.
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