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Nils and property developer Viktors Savins from ARCO Real Estate at a new apartment complex outside Riga. House prices have been falling 6% each month having soared over the past few years. Viktors had to knock 35% off the price of these flats in order to sell them.

The somellier of Vincents restaurant, Raimonds Tomsons, choosing wine in the cellar. Restaurants and cafes are closing across Riga as people find the financial crisis beginning to bite. My guess is that Nils ate at Vincents but I cannot prove that.

Nils and Ivo Grubanov of Baltic Holidays in the main square in the Old town of Riga. Ivo's business has been hit by the weakness of the pound against the country's currency, the Lat.

Property developer Viktors Savins driving across the South Bridge in Riga. Recently opened, the bridge is reported to be the most expensive ever constructed in Europe as spiralling metal prices hit the development from the very start. You didn't get this from me but Nils is seriously thinking about buying property in the area. He loves the cold crisp air.

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