An Inconsistent Baltic crisis

  • 2009-08-13
  • By Veiko Spolitis
For a year now no one uses the 'Baltic Tigers' euphemism anymore, when describing the three Baltic economies. The Baltic States' governments implemented the basic principles of economic neo-liberalism during their early post-independence years, and with the existence of cheap international credit their economies were sustainable. The basic tenets of the Washington consensus were easy to implement then because of support among broad swathes of society. Ever since the start of the global economic downturn, representatives of all three governments have tried to stop the decline, and some c...
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