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Latvian medicine will be no remedy for Greece, a much sicker patient. There is little about Latvia’s initial conditions that mirror Greece’s. Latvia’s public finances were strong when the crisis hit.
Andris Liepins, deputy minister of economy in Latvia, said in an interview that Latvia remained committed to a currency peg and to adopting the euro. “Greece’s problems are temporary,” he said.
While Latvia in 2008 had debts equal to over 130% of gross domestic product (compared to 150% in Greece), the Latvian obligations were mostly short-term and could be serviced from foreign credits.
A version of this article appears in print on Jan. 29, 2010, Section B, Page 5 of the New York edition with the headline: Spain, Greece and Latvia Affirm Their Commitment to the Euro.