Latvian PM Ivars Godmanis Resigns as Economy Continues to Sink

The global economic crisis has claimed yet another victim as Latvian Prime Minister Ivars Godmanis, along with his government, has resigned.

Calls for Godmanis to resign have been ongoing but he survived a no-confidence vote by the parliament on Feb. 3. Less than three weeks later he handed his resignation to President Valdis Zatlers who accepted the PM’s decision.

Godmanis and his government felt the brunt of the blame for Latvia’s struggling economy that displayed a 10.5 percent drop in GDP in the last quarter of 2008 compared to the same period one year earlier. While Latvia has struggled stabilize their economy they have received financial pledges from the IMF, World Bank and EU.

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