Guest Post by Morten Hansen, Stockholm School of Economics in Riga
Here in Latvia the internal devaluation continues and the debate is whether the economy is flexible enough for this experiment. I say perhaps it is, Edward says perhaps it isn’t but one thing is for sure: the Latvian economy is (possibly perversely) indeed flexible. I would like to illustrate this point with a series of numbers for the extremes that we have witnessed in Latvia so in the following I list a series of macroeconomic variables and the times at which they were at their extremes during the boom and during the current bust. After that I try a little discussion of why the
Estonia last week cleared the last hurdle to joining the Eurozone as European Union finance ministers set the final exchange rate for the Estonian kroon. The move paved the way for the smallest and northernmost of the Baltic states to become the 17th country to adopt the Euro as of...
Finnish national grid operator Fingrid said that the European commission had granted 100 million Euro in EU aid to Estlink 2 a planned second undersea electricity link between Finland and Estonia News room Finland reported. Fingrid added the commission had taken the decision previous week. The total cost of the project will...
"...although Iceland is generally considered to have experienced the worst financial crisis in history, its punishment has actually been substantially less than that of other nations."
To back it up, Krugman provided a chart (below) comparing the GDP of Iceland toIreland, Latvia, and Estonia since the 4th quarter
Six months after a devastating earthquake struck Haiti, most governments that promised money to help rebuild the country have not delivered any funds at all, a CNN investigation has found.
Donors promised $5.3 billion at an aid conference in March, about two months after the earthquake -- but less than 2 percent of that money has been handed over so far to the United Nations-backed body set up to handle it.
Only four countries have paid anything at all: Brazil, Norway, Estonia and Australia.
The United States pledged $1.15 billion. It has paid nothing, with the money tied up in the congressional appropriations process.
Venezuela promised even more -- $1.32 billion. It has also paid nothing, although it has written
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