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Krugman Can't Admit He Was Wrong on Austerity: Latvia PM

[quote]Latvia's Prime Minister hit back on Friday at Paul Krugman's criticism of Latvia's austerity measures, saying the Nobel Prize-winning economist has "difficulty admitting his own mistake." [quote]"Krugman famously said back in December 2008 that Latvia is the new Argentina, it will inevitably go bankrupt, and now he has difficulty apparently admitting he was wrong and so he tries to seek some problems in how Latvia is recovering from the economic crisis," Latvian leader Valdis Dombrovskis told CNBC in an interview at the EU summit in Brussels. "But I think that the mere fact that for the last two years we are enjoying rapid growth shows that it was probably the right strategy." [quote]"We're looking at a Depression-level slump, and 5 years later only a partial bounceback; unemployment is down but still very high, and the decline has a lot to do with emigration. It's not what you'd call a triumphant success story," he (Krugman)continued Meanwhile, in the US, we went with a large stimulus and...we're looking at a Depression-level slump, and 5 years later only a partial bounceback; unemployment is down but still very high, and the decline has a lot to do with individuals leaving the labor force. But hey it is a success story here, right!

http%3A//www.cnbc.com/id/100558455


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