The document discusses the economic and security situation in the Baltic states following Russia's invasion of Ukraine. It notes that while the actual security situation has improved due to increased NATO presence and unity, the perceived security situation has worsened. Economically, some deals and assets have become available at bargain prices due to panic, though lending banks remain steady overall. The key takeaways are that the focus is on Ukrainian victory, the validity of Baltic warnings about Russia have been proven, and governments need to align perceived security with the reality of improved actual security through strategic communication.