Finance Crisis in Latvia Deepens.

The article reports an escalation of the financial crisis in Latvia after a government auction to sell 50 million lats of short-term debt failed to attract any bidders. The lack of any bidders has added pressure on the government to devalue its currency and affected the prices of other Eastern European currencies. According to Latvian Prime Minister Valdis Dombrovskis, the country needs to reach a quick agreement with the International Monetary Fund and the European Union to secure a loan.