Thursday, July 31, 2008
The Latvian mess
It is funded on Swedbank's tab - and as a result I believe Swedbank is near insolvent.
Anyway - lets just put the current account deficit figures for Latvia up on public display. I got these from Swedbank's own second quarter factsheet.
Over the forcast period Latvia looks to be borrowing nearly a year's GDP! That is in a country which is clearly in some economic difficulty right now!
These current account deficit figures (which are insanely large) come from Swedbank itself.
And Swedbank funds it.
PS. To all the new readers - welcome.
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