2008 Latvian financial crisis

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The 2008 Latvian financial crisis, which stemmed from the 2007–2008 financial crisis, was a major economic and political crisis in Latvia. The crisis was generated when an easy credit market burst, resulting in an unemployment crisis, along with the bankruptcy of many companies. Since 2010, economic activity has recovered and Latvia's economic growth rate was the fastest among the EU member states in the first three quarters of 2012.^[1]