* Latvia parliament cuts budgets to win more IMF/EU loans

* Public wages cut by further 20 pct, pensions by 10 pct

* EU urges permanent steps to cut budget gap

* EU, IMF say need to assess budgetary measures (Adds IMF, EU statements)

By Patrick Lannin and Balazs Koranyi

RIGA, June 16 (Reuters) - The parliament of Latvia backed sharp budget cuts on Tuesday as the country tries to win more European Union (EU) and International Monetary Fund (IMF) loans to prevent bankruptcy and possible devaluation.

Latvian financial markets were calm ahead of the vote as investors priced in a successful vote and looked ahead.

The measures including cutting public sector wages by a further 20 percent and pensions by 10 percent.

Unions plan a protest for June 18 and some politicians have predicted social unrest. Latvia had its worst post-Soviet riot in January, though it has been peaceful since then.