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Sat 06 Jun 2009Latvia's PM steers through deep cuts to avert meltdown
LATVIA'S GOVERNMENT says it has saved the country from bankruptcy by agreeing deep budget cuts, amid warnings that economic meltdown in the Baltic state could send shockwaves through eastern Europe and Scandinavia.
Latvian prime minister Valdis Dombrovskis said the ruling coalition had resolved to slash more than €700 million from next years spending, in a move to secure urgent payment of the next €1.2 billion tranche of an emergency international loan.
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