Latvia’s Distressed Credit Risk Rises to Record on Jobs

Latvia’s registered unemployed increased to 9.5 percent of the 2.3 million population by the end of February, from 8.3 percent in January. Latvia’s economic boom, sparked by entry into the EU in 2004 and fueled by soaring wages and cheap credit, has turned to bust as the economy contracted 10.5 percent in the fourth quarter and the government collapsed last month.