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Several crises ahead in next ten years, bank president says


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There will be plenty of financial crises in Europe similar to that of Latvia's in 2008 in the next ten years, according to Swedbank president in Latvia Maris Mancinskis.

In an interview with Mr Mancinskis said many more crises will manifest themselves in various shapes and forms in the next few years.

Mr Mancinskis said it was important for everyone in Latvia to concentrate on the future financial picture in the country rather than focusing on trying to avoid the same mistakes from 2008.

"Crises come and go. This was certainly not the last one, and there will be more - in Latvia and in the world," he continued.

Mr Mancinskis added that people in the economy should not be naive and hope that everything will be completely different in the future as there will also be financial instabilities.

Latvia's economy has seen rapid improvements since 2008, when the European Union and the International Monetary Fund had to bail out the nation's second-largest lender Parex.

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