More trouble for Baltic countries as S&P downgrades Latvia and Estonia. What more has to come? At the end they will follow the IMF in order to obtain a financial Life line.
Is there any choice? Look to Latvia which saw its GDP for 2009Q2 contracting with another 19,6% after a drop of 18% in quarter one.
Look to the SEK. Given the high levels of Swedish banking exposure, the Swedish banks are not out of the woods. Neither is the country.
‘Swedbank sweats’ was the Financial Time titling this morning as loan impairments originating from the Baltic region are still growing meteorically.
Is there any choice? Look to Latvia which saw its GDP for 2009Q2 contracting with another 19,6% after a drop of 18% in quarter one.
Look to the SEK. Given the high levels of Swedish banking exposure, the Swedish banks are not out of the woods. Neither is the country.
‘Swedbank sweats’ was the Financial Time titling this morning as loan impairments originating from the Baltic region are still growing meteorically.
Not good at all.
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