Not every European country is gasping under the straitjacket of austerity. Estonia and Latvia are both powering ahead after a period of excruciating belt-tightening. The example of Latvia is particularly stark. The small Baltic state suffered the worst recession in Europe, with a 24% drop in GDP between 2007 and 2009. Two years later its economy was the fastest growing in the EU, putting Latvia in
![Estonia and Latvia: Europe's champions of austerity?](https://cdn-ak-scissors.b.st-hatena.com/image/square/b2d17f3235be299db3bf1a6f131f5e6e567b84ae/height=288;version=1;width=512/https%3A%2F%2Fi.guim.co.uk%2Fimg%2Fstatic%2Fsys-images%2FGuardian%2FAbout%2FGeneral%2F2012%2F6%2F8%2F1339160472726%2FEstonia-sign-titanic-008.jpg%3Fwidth%3D1200%26height%3D630%26quality%3D85%26auto%3Dformat%26fit%3Dcrop%26overlay-align%3Dbottom%252Cleft%26overlay-width%3D100p%26overlay-base64%3DL2ltZy9zdGF0aWMvb3ZlcmxheXMvdGctYWdlLTIwMTIucG5n%26enable%3Dupscale%26s%3D12a1c60915b52ecbfccc4fb2be4feb21)