Financial Times FT.com

Baltic tigers forced to slash budgets

By Robert Anderson in Stockholm

Published: June 17 2009 09:23 | Last updated: June 17 2009 19:40

The Lithuanian government on Wednesday approved more austerity measures, in an effort to avoid having to seek help from the International Monetary Fund.

Lithuania, Latvia and Estonia, once the European Union’s fastest growing economies, are being forced to slash budget spending repeatedly as tax revenues plummet in the Baltic states’ worst recession since the early 1990s.

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