Baltic Pain Turns to Growth While Protests Mean No Greece Gain

Allan Martinson, managing partner of Estonian private equity company MTVP, saw Baltic companies he invested in cut spending as much as 30 percent starting in 2008 to cope with Europe’s worst recession.

They all survived, even as their earnings plunged in part because of government austerity measures. Now that Estonia, Latvia and Lithuania are growing, Martinson is putting money into such startups as Estonian online dating site Flirtic.