Contributor(s): Valdis Dombrovskis | After years of unsustainable growth and profligate spending, in 2009 Latvia experienced the deepest economic crisis in the European Union, with a GDP fall of 18%. Prime Minister Valdis Dombrovskis came to power facing the daunting task of averting bankruptcy. Severe austerity measures, combined with an international loan package, have yielded results – in 2010 Latvia's recession ended and economic growth is expected to resume in 2011. In this lecture, the Prime Minister will outline the tough choices he had to make in order for Latvia to recover and grow. Valdis Dombrovskis is Prime Minister of Latvia. He studied physics and economics in Latvia, Germany and the US before entering political life. As a founding member of the 'New Era' party, Valdis Dombrovskis has been Latvia's Minister of Finance 2002-2004, member of the European Parliament 2004-2009, and Prime Minister since March 2009.