Latvia Economic and Defence Update

3 OVERVIEW: Portrait of the Sovereign Credit ENERGY AND SECURITY: 4 Energy Independence and NATO Membership ........8 FISCAL POLICY: Moderate Deficit and Fiscal Buffers...... THE ECONOMY: 12 Flexible and Resilient Economy .17 BANKING SECTOR: Well-Capitalized and Liquid .25 GOVERNMENT DEBT MANAGEMENT: Flexibility in Funding Strategy .30 CONCLUSION .35

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