Latvia’s banking system has survived a panic after false rumors spread through Twitter that Swedish banks – which dominate Latvia’s banking sector – were in trouble . . . thousands of Latvians withdrew an excess of more than $48 million from Swedbank, the largest bank in Latvia on Sunday and Monday . . . the Latvian branch of Swedbank had assets of $7.4 billion as of September 30th . . . following the panic, the company announced it will remove 600 jobs in Sweden and the Baltic States to maintain profitability . . . the panic was exacerbated by another banking crisis last month when the government nationalized Latvijas Krajbanka, the 10th largest bank, following an announcement that regulators had found evidence of fraud . . . Riga had to ask for a European Union bailout in 2008 for $10.5 billion after Parex Bank, its second largest bank defaulted and was nationalized . . . the bank panic reflects the growing power of social media and the low confidence of the Latvian people in the banking industry and government.