UPDATED: Pink Flowers In Latvia Today

Despite all the negativity, and red hot emotions ... like Latvian bond failure begins, we had some "pink flowers news"! Reuters reported today:

June 3, (Reuters) - The Latvian statistics office on Wednesday released the following data for industrial production for April, showing the first rise in output in month-on-month terms since September 2008.

LATVIAN INDUSTRY OUTPUT April '09 March '09 April '08

Month-on-month change (pct) +4.8 -0.8 +1.5

Year-on-year change (pct) -16.9 -23.4 +3.7

Central Statistical Bureau (CSB) has more details here, click on chart to enlarge, courtesy of CSB.

Let's see how sustainable it will be.

UPDATE: Ambrose Evans-Pritchard posted Latvian debt crisis shakes Eastern Europe. This may be quite true indeed:

...the crisis was playing out much like the final days of the Russia debacle in 1998 and the end of Turkey’s crawling peg in 2001, with momentum building until a critical point of no return.