Latvian Prime Minister Valdis Dombrovskis said Friday that his country's method of tackling the global economic crisis should serve as an example to other nations in financial trouble, in particular eurozone members such as Greece and Portugal, according to dpa. Speaking at the launch of a book he has written in collaboration with Swedish economist Anders Aslund, Dombrovskis said: "It is better not to spread budgetary consolidation over a long period but to act quickly. Greece's consolidation is happening at a slower pace." Dombrovskis' book, titled How Latvia Came through the Financial Crisis, claims the Baltic state stands out as a model of how crises should be resolved. By some measures, Latvia was the country hardest hit by the global financial crisis, seeing its gross domestic product shrink by 25 per cent between 2008 and 2010. Speculation was rife that the country would inevitably devalue its currency, a move that would likely have had a knock-on effect on other currencies in the region.
