Analyze the sentiment of this statement extracted from a financial news article. Provide your answer as either negative, positive, or neutral.
Text: Nordic banks have already had to write off sizable loans in Latvia , with Swedbank , Nordea , DnB NOR and SEB reporting combined losses in excess of $ 1.35 billion in the period 2007 to 2010 against a backdrop of near economic meltdown in Latvia .
Answer:
negative