"This article draws on the experience of the imposition of radical austerity measures in the Baltic states. It challenges the myth that austerity can be achieved in a socially and economically ‘costless' manner. Baltic-style austerity has now become a template of ‘successful adjustment' and a recipe for recovery of the Eurozone. The authors argue contra such ‘myth-making' that austerity is compromising the longer run sustainability of societies that follow this path, while simultaneously ending prospects of the adhesion of a European ‘Social Model' in the post-communist periphery. The article is a contribution to an emerging debate in academic and policy circles concerning the viability and future of Europe's ‘Social Model' in an age of austerity."

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