Opinion: JP Hochbaum, Chicago:
The austerity trap
of the Eurozone

“The effects of the austerity medicine that Lithuanians have been forced to swallow is brutal,” writes JP Hochbaum in an op-ed last week.

Below some of the replies. Read the op-ed and related comments HERE.
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I can only congratulate Mr. JP Hochbaum
for his bold article about the dire consequences that the EU austerity program, largely driven by the intransigent German Chancellor Angela Merkel. All over Europe, first ordinary people and now mainstream politicians and elected government officials are demanding a reversal of the austerity policies that have shaken the European Union at its core.

Boris Bakunas
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Very good article and an excellent reply
Lithuania is a small but smart and strong country. It raised its voice against the Soviet oppressor and came out on top. It can and should use its intelligence and strength to make itself stronger and also make the EU stronger.

Bernard Terway
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This is one of the most informative articles I've ever read
on the subject of what's going on in the Lithuanian homeland today. If I were wearing one, I'd tip my hat to Mr. Hochbaum.

Gene Christianson
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Ya, Australia & China did huge stimulus packages
& they have the best economies while others that tried austerity burned (Latvia, Estonia, Greece, Portugal, & UK & Ireland did austerity & all worsened).

Jason Hun
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An interesting and informative article. I have also advocated that Lithuania may be better off in leaving the EU
However, it would have little chance of survival if left to go it alone. I also agree that austerity measures have had their deleterious effect on the populace. However, Lithuania's GDP grew at roughly 2.5% in 2012, and is projected to grow at 3.4% (Bank of Lithuania projections) in 2013. Therefore, the much criticized austerity measures appear to have enabled Lithuania to turn the corner economically.

Jon Plakatis
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Nice attempt to analyze the situation, but the use of terms and the interpretation of facts is completely wrong
Austerity started in 2008-09, not 2004, so emigration could never be its result. Huge debt is permissible to large economies like the US or Japan, but disastrous to tiny economies like Lithuania. The same with an unstable currency. The inflation 'ceiling' is a condition for joining the Eurozone, not the EU per se. In fact, right after the EU entry Lithuania experienced unprecedented growth, and inflation was largely driven by remittances from emigrees and cheap loans. Without the EU, Lithuania would look like Albania or Moldova, not like Switzerland. In today's global economy, such small states never have a real sovereignty - unless, of course, they are protectionist, but I don't think the author wants Cuba here.

Daiva Repečkaitė