Austerity in Small Places
Nowadays, Greece, the Baltic states, and Iceland are often invoked to argue for or against austerity. Both sides in these disputes usually omit to mention the key idiosyncratic characteristics and specific starting conditions that can make direct comparisons meaningless.
https://prosyn.org/b9XHJZZ
BRUSSELS – Interest in small countries’ economic policies is usually confined to a small number of specialists. But there are times when small countries’ experiences are interpreted around the world as proof that a certain policy approach works best.