Pop quiz, hotshot. Which country below is an economic role model for the others? Is it the United States, with its economy back above its pre-recession peak? Or is it the United Kingdom, stuck in its worst slump in the last century -- worse even than the Great Depression?
Or maybe it's Iceland, a country that went completely broke and devalued its currency massively after leveraging itself up like a hedge fund? Or could it be ... Latvia? It did worse than anybody else during the Great Recession, including even Iceland, a country that, again, went completely broke.
Or maybe it's Iceland, a country that went completely broke and devalued its currency massively after leveraging itself up like a hedge fund? Or could it be ... Latvia? It did worse than anybody else during the Great Recession, including even Iceland, a country that, again, went completely broke.
Okay, lock in your answers ...
The answer is ... Latvia? No really, some people think the answer is Latvia. That makes no sense, but Andrew Higgins of the New York Times explains why some people think otherwise in a nuanced piece that looks at Latvia's economic experience the past few years.
Read more: Sorry, Latvia Is No Austerity Success Story - Matthew O'Brien - The Atlantic
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