Swedbank goes kinda against the Anglo-Saxon wisdom as you can read these pieces posted earlier:
Reading Auerback/Parenteau: Coming to a Country Near You: Let a dozen Latvias bloom?
Edwardian Clash Over The Future Of Latvia
Reading On Latvia's Recession And Cost Of Adjustment With An "Internal Devaluation"
Deutsche Prescribes The Focus On Fiscal Performance For Baltics
Nordea's Litmus Test Of A Solid Foundation For Latvia's Long Term Growth
BNP Paribas EcoWeek Focus: Turmoil In The Baltic Countries
Somewhat wishful thinking (IMHO), but with focus on how to get on from here, worth reading thoughts on depression economics - Swedbank Analysis: Competitiveness adjustment in Latvia – no pain, no gain?