Sunday, June 15, 2014

New York Times on Latvia in 2013

New York Times on Latvia in 2013: 

When a credit-fueled economic boom turned to bust in this tiny Baltic nation in 2008, Didzis Krumins, who ran a small architectural company, fired his staff... and then shut down the business. He watched in dismay as Latvia's misery deepened under a harsh austerity drive that scythed wages, jobs and state financing for schools and hospitals. 

But instead of taking to the streets to protest the cuts, Mr. Krumins... bought a tractor and begun hauling wood to heating plants that needed fuel. Then, as Latvia's economy began to pull out of its nose-dive, he returned to architecture and today employs 15 people - five more than he had before.

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