I think that might very well be true. Meanwhile most people in the Baltic States are so busy hating Russia, complaining about the USSR times and idolizing capitalism in all its forms and shapes... that they don't even notice that they are being (essentially) cheated and robbed. And the EU is turning a blind eye to the treatment of the Russian speakers, which would create a huge outrage if it happened to any other group, anywhere else in the EU.
That's my take on it, and I hope for their sake that I am wrong. I would like to see this area prosperous and not indebted and sold off to foreign interests.
From Wikipedia, about the charming city of Liepaja, which is unfortunately struggling with unemployment:
Economy
In the second half of 20th century under Soviet rule Liepāja became an industrial city and a large number of high technology plants were founded, including:
[list of ~20 factories]
After collapse of USSR's centrally planned economy, only a small number of these plants continue to operate.
[some info about the port in Liepaja]
After joining European Union in 2004, most Liepāja companies was faced with strict European rules and terse competition and was forced to stop production or to sell enterprises to European companies. In 2007 were closed Liepājas cukurfabrika and Liepājas sērkociņi; Līvu alus, Liepājas maiznieks and Lauma has been sold to European investors.