Latvia 'On Way Back' to Financial Recovery, Official Says

Prime Minister Valdis Dombrovskis of Latvia told a June 16 Newsmaker that his country is "well on its way back" to financial stability thanks to structural changes, internal devaluation and other economic reforms it has made.

The Baltic countries were all among the hardest hit by the financial crisis. In Latvia, the number of unemployed has more than tripled since the crisis, giving it the highest rate of unemployment growth in the European Union.

Dombrovskis, a former finance minister, said the measures taken by his country are "easy for the government to do, but they are not easy on society."

"And of course," he noted, "we are still subject to the global economic situation."