After telling lies to Latvian voters for five years, the ruling political party has admitted that the sale of Parex Bank stock to the EBRD was fake because it was secretly reversible.  Of course, the prime minister waited until after the election last month to inform the public.

Unfortunately the Bloomberg article below doesn’t explain the implications:  Latvia has been understating its deficit and debt for five years, violating agreements with the IMF and EU.  The article also doesn’t mention that Parex was a corrupt and fraudulent offshore bank with links to the Kremlin, and the people who looted the assets of Parex weren’t prosecuted.

click here for pdf: Bloomberg Nov 2014