From Riga to Athens: Can the Baltic Model Be Applied Elsewhere?

Latvia is usually quite unremarkable: in the words of The Economist, “Even Latvians’ fans rarely call them exciting.”  Yet the obscure Baltic nation has recently drawn attention, along with its neighbors Estonia and Lithuania, for its quick recovery from the financial crisis through strict austerity and internal devaluation. Indeed, Christine Lagarde, IMF Managing Director, has held Latvia up as a model for other crisis-ridden countries like Greece.


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