"The Baltic Market has been synonymous with high returns" wrote a stockbroker promoting a new share offering last May. After that proud statement, the market attempted to surpass its high of February, 2007 before sliding almost 40 percent to its recent low. This slide followed the humbling downgrade in the economic status of the Baltic states in the view of global strategists, from "Baltic Tigers" to "canaries in the coalmine," that is, to early warning indicators of the more widespread problems of surging household debt and alarmingly high current account deficits in much of Eastern ...
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