ICELAND AND LATVIA: THE ECONOMIC AND THE SOCIAL CRISIS

The 2008 global economic and financial crisis hit hard in Iceland Latvia. Economic developments prior to the crisis, as well response were, however, different these two countries, yielding results. Both countries received assistance from International Monetary Fund (IMF) during IMF has labeled their reform programs success stories. This article reviews evaluates post situation Latvia, both terms performance, social progress. It also discusses how other a multilateral institutions, may have influenced