Iceland, Ireland and Latvia experienced similar developments before the crisis, such as sharp increases in banks …' balance sheets and the expansion of the construction sector. However the impact of the crisis was different: Latvia was hit …: currency collapse in Iceland but not in Latvia, letting banks fail in Iceland but not in Ireland, and the introduction of …

Iceland, Ireland and Latvia experienced similar developments before the crisis. However, the crisis hit Latvia harder … Iceland but not in Latvia, letting banks fail in Iceland but not in Ireland, and the introduction of strict capital controls … only in Iceland. The speed of fiscal consolidation was fastest in Latvia and slowest in Ireland. Recovery has started in …