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Independent voices from the The Washington Times Communities
Topic - Anders Åslund
The ongoing debt crisis in the eurozone has given rise to a predictable genre of tasteless humor directed at the ailing nations on its periphery. A typical example would go like this: An Italian, a Portuguese and a Greek go into a bar and have a round of drinks. Who pays? The German.
You don't have to be a determinist - believing, as orthodox Marxists do, that all life's decisions lie in the stomach - to occasionally believe that overwhelming national and international economic movements likely will determine the future. But it sometimes helps.
As economist Anders Aslund writes, the Baltic states were hit in 2008 and 2009 by a nearly complete liquidity freeze, which sank their economies by as much as 24 percent.
In short, "the turnaround, driven largely by manufacturing exports, has been one of the most remarkable and promising stories of the crisis," Mr. Aslund writes.