Despite the prevalent concerns over the large amount of foreign deposits in Latvia’s financial sector, Latvia receives the green light from the European Central Bank and the European Commissioner to become the 18th member of the Eurozone.

According to ECB data, deposits in Latvian banks from outside the EU totaled around seven billion euros, which is relative to one third of the country’s GDP. It is speculated that the majority of this investment comes from Russia, based on th...


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