Latvia looks to IMF and EU for support

Riga on Thursday said that it would seek aid from the European Union (EU) and International Monetary Fund (IMF) in a bid to stave off a financial meltdown.

Ivars Godmanis, Latvia's prime minister, briefed reporters on the government' s decision on Thursday. Godmanis said that talks with EU Commission and IMF officials would determine how much the country needed to borrow.

The Baltic state contracted by 4% in the three months to September, a marked contrast with the buoyant performance of the