The economies of Estonia, Latvia and Lithuania for quite some time resembled an express train, on its way from Soviet communism to modern Europe. For those who have not visited any of the Baltic countries in the last fifteen, ten or even five years, it is impossible to fully understand the changes in the three countries, according to Peeter Luksep. He adds that it will be interesting for foundations such as the Jarl Hjalmarson Foundation “to follow the discussion on the weak link in the political life of Latvia, brought forward by the [financial] crisis”.

Riga, gray from the melting snow, provides obvious inspiration for writing about economic difficulties. But, bearing in mind the Riga of the Soviet era, the city of today is a fairy tale in every aspect, from the newly built sky scrapers and malls, down to the simplest kiosk or even litterbin.
It’s not surprising that the most common answer to questions about the economy is “if this is a crisis, what was it before?” Evidently, just as in the rest of the world, there is a widespread concern. However, these fears are beyond those emphasised in ignorant or even prejudiced comments in the western media. The Baltic countries have not experienced any Lehman crashes or car industry downturns. Here, the Swedish banks continue, as far as anyone can see, to make money and few foreign companies have left the country. (more…)