Publication: Monitor Volume: 1 Issue: 41

A Latvian court has declaredwhat the world already knew: the Baltija Bank is insolvent, BNSreported June 27. The bank went under in May after a series ofbad business decisions, and Russian withdrawal of large sums ofcash. Almost one Latvian resident in five had a savings accountthere; losses are now estimated at $360 million. Riga has pressedthe European Union for funds to help cover these losses and tolimit their political consequences.

Estonia, Finland Set International Shipping Lane in Gulf.