Tag Archives: Latvia

Baltic perspectives with The Saker | Michael Hudson Your access to this site has been limited Your access to this service has been temporarily limited. Please try again in a few minutes. (HTTP response code 503) Reason: Exceeded the maximum global requests per minute for crawlers or humans. If you are a WordPress user with administrative privileges on this site please enter your email in the box below and click "Send". You will then receive an email that helps you regain access....

This, my third post on Latvia, looks at its recovery from the 2008-9 recession.Latvia is often held up as the "poster child" for harsh austerity measures as the means of returning to strong economic growth. In order to hold its currency peg to the Euro, it embarked on a brutal front-loaded fiscal consolidation in 2009, sacking public sector workers, slashing public sector salaries, cutting benefits and raising taxes. Between 2010 and 2013 it cut its fiscal deficit from 10% of GDP to a...