After Latvia's passage of an austerity package, the European Union has announced plans to release an additional 1.2 billion euros (1.69 billion dollars) in emergency aid, dpa reported. The funding was part of a previously announced 3.1-billion-euro package, a spokeswoman for EU Economics and Finance Commissioner Joaquin Almunia said on Friday. One billion euros has already been disbursed. The Latvian parliament earlier this month approved a package that includes pay cuts of up to 20 per cent for civil servants and a 10- per-cent cut in pensions in order to avoid insolvency.
