Wednesday, Dec 03, 2008
Latvia - Boom to Bust
BBC: Latvia's economic boom turns sour
Having seen its economy grow at a rate 11% in 2007, Latvia's GDP is now shrinking by more than 4%. After a property boom, house prices are now falling at a faster rate than any other country in the world - down 24% in the last 3 months.
Posted by peter_2008 @ 06:37 PM (301 views) Add Comment
6 Comments
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1. fjcruiser said...
After the fall of the Soviet Union, the West pushed for these countries to get their independance, they poured money into them without any prospect of repayment, to isolate Russia. Of course all these ex-satellittes countries are now collapsing one after the other. They are the sub prime countries of Europe.Doomed.
2. plato said...
Which is another reason the EU is larger,yes, but far more vulnerable. Were we expecting another German-like economy to blossom from one of these countries? Based on what? This was a purely martial exercise and a numbers game mixed with a sprinkling of cheap labour. Which btw was funded by tax payers from productive countries.
3. Dbc Reed said...
Michael Hudson,American economist is very clued up generally but
particularly about the Baltic States.Try: Political Economy Research Michael
Hudson on World Bank and IMF or anything by him in Counterpunch.Very
good at relating real estate scams to present economic woes.
4. planning4acrash said...
From one Socialist ponzi scheme(Soviet Union) to another (European Union). The only Eastern bloc countries that went the way of traditional liberalism got set up and invaded by NATO, eg Kosovo. Germany caught staging terror to justify occupation last week
5. planning4acrash said...
Reuters: Germany caught red handed during a false flag attack in Kosovo!
To keep it a UN state prior to being subsumed into the EU or a freshly expanded Soviet Union? Mises story explaining that the war was, primarily to install the United Nations rather than have separatists create a free country.
6. planning4acrash said...
The false flag was to ensure that UN troops had a public reason for remaining in Kosovo. To keep separatists at bay.