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Lessons from the East European Financial Crisis, 2008-10

  • Anders Aslund

    ()

    (Peterson Institute for International Economics)

In the fall of 2008, Central and Eastern Europe became a flashpoint in the global financial crisis. The positive surprise, however, is that after about two years, the crisis in the region had more or less abated. Public attention moved from Latvia, Estonia, and Lithuania to the PIIGS (Portugal, Ireland, Italy, Greece, and Spain). The issue was no longer why Latvia must devalue but what Greece could learn from Latvia. What lessons can be drawn from the resolution of the financial crisis in Eastern Europe for the rest of the European Union and the world at large?

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Paper provided by Peterson Institute for International Economics in its series Policy Briefs with number PB11-9.

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Date of creation: Jun 2011
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Handle: RePEc:iie:pbrief:pb11-09
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