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Zakulis says no parallels can be drawn between Latvia and Cyprus

Kristaps Zakulis.
 RIGA, March 18 - The Financial and Capital Market Commission's Chairman Kristaps Zakulis believes that drawing parallels between Latvia and Cyprus is unfounded.

The Financial and Capital Market Commission continues to follow the developments in Cyprus, says Zakulis, explaining, however, that banking sector accounts for 40 percent of Cyprus's gross domestic product, whereas Latvian financial sector for just 3 percent to 3.5 percent of the country's GDP.

Global news agencies report that Cypriot banks are closed at least until Wednesday, while the Cypriot parliament has yet to vote on an international loan for Cyprus.
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