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According to the Central Election Commission, 74.8% voted against, 24.9% voted for and the voter turnout was seventy one.1%. The Latvian economic system entered a phase of fiscal contraction in the course of the second half of 2008 after an prolonged period of credit-based mostly speculation and unrealistic appreciation in real estate values. The national account deficit for 2007, for instance, represented greater than 22% of the GDP for the yr whereas inflation was running at 10%.

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