CBS Marketwatch: New Latvian prime minister faces economic crisis
President Valdis Zatlers named Valdis Dombrovskis as prime minister and asked him to form a new government, according to media reports on Thursday. Dombrovskis, a 37-year-old former finance minister, is from the centre-right party, New Era.
Following his nomination, Dombrovskis said that Latvia was "on the verge of bankruptcy" and would need to cut the budget by at least $1.27 billion or risk financial collapse, the BBC reported.
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