Latvia is joining the eurozone

Despite obvious misgivings on the part of the population, Latvia is set to become the eighteenth member of the eurozone.

In a report, the Commission confirmed that the Baltic state had met the criteria for joining the single currency.

Officials hope the news will show the eurozone is set to grow despite a three-year sovereign debt crisis.

Latvia is keen to strengthen ties with western Europe and reduce its dependency on Russia.

One can understand why Latvia would want to reduce dependency on Russia (something the East European and Baltic states have been trying to achieve since the early nineties with variable success) but the notion that the crisis will somehow magically disappear because another country clambers onto the sinking ship seems rather doubtful.