• After the Russian Revolution of 1917, the Latvian National Council declares Latvia an independent sovereign state. 

  • Following the Molotov-Ribbentrop Pact between Nazi Germany and the Soviet Union, Soviet troops invade the Baltic region and incorporate Latvia into the Soviet Union.

  • After a majority vote on the referendum in favor of independence, the Supreme Council declares full independence from the Soviet Union. Latvia and the other two republic's of the Baltic region are admitted to the United Nations (UN).

  • After many government reforms, Latvia officially joins that North Atlantic Treaty Organization (NATO) and the European Union (EU).

  • The International Monetary Fund (IMF) approves a 1.68 bn euros rescue package to help Latvia reignite its economy.

  • The Central Bank spends almost one billion euros in an attempt to support the Latvian currency (Lat) in order to prevent a domino effect in Eastern Europe region. Additionally, the government plans extensive public spending cuts to help the country decrease its budget deficit and reach the requirements needed to acquire further aid from the IMP and EU

  • Economic crisis persists in Latvia, raising the unemployment to a staggering rate of 20%, which is the highest rate in the EU at the time.

  • Latvia joins the Eurozone and adopts the euro currency.

Sources:

BBC News open_in_new
Britannica open_in_new