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Other than Greece, recent examples of brutal govenment spending cuts can be found in Estonia, Latvia and Lithuania. The cuts there were actually worse, both in
by markvdb 9y ago
Other than Greece, recent examples of brutal govenment spending cuts can be found in Estonia, Latvia and Lithuania. The cuts there were actually worse, both in relative and absolute terms.
Latvia for example had a 26% drop in GDP and a 55% drop in housing prices at the peak of the crisis. On many levels, 20-33% of public servants were fired, with the remainers' already low wages reduced by 20-33%.
- lifeisstillgood 9y agoThank you - was not aware. That is stunningly bad any good sources on this ?
- markvdb 9y agoSorry, reading your comment just now, and have to run soon, so... the obvious starting point: https://en.wikipedia.org/wiki/Economy_of_Latvia https://en.wikipedia.org/wiki/Economy_of_Latvia