Is Latvia an austerity success or failure?

Although I don't usually mention Latvia along with the four large bubble markets of the UK the US, Spain and Ireland, Latvia went through a housing bubble and bust that was just as severe. The policy response in Latvia was austerity. But because Latvia, like Ireland has re-emerged from economic contraction, a debate has now developed whether the country is an example of the success of austerity or further proof of its failure.
What is now clear to policymakers is that austerity in a post-crisis...


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