Swedish banks warned on Latvian economy

[The Local]–  Sweden’s finance minister Anders Borg is reported to have held secret talks with Swedbank and SEB, expressing his concern over Latvia’s struggling financial situation.
The two banks have interests in the Baltic country and a financial collapse could lead to a ’nightmare scenario’ writes newspaper Svenska Dagbladet.
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Russian navy arrests Arctic Sea ‘pirates’

Russia has arrested eight nationals of the Baltic states and Russia suspected of hijacking the Arctic Sea cargo ship on July 24, Defence Minister Anatoly Serdyukov said Tuesday.
   
“These people… boarded the Arctic Sea and, using the threat of arms, demanded that the crew follow all of their orders without condition,” news agencies quoted Serdyukov [...]