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Wednesday, 27.11.2024, 08:54
Financial Times: Estonia – good example for managing with the economic crisis
Juhan Tere, BC, Tallinn, 01.02.2010.
Print version
Print versionThe Financial Times considers Estonia a good example for managing with the economic crisis and exiting it, National Broadcasting/LETA reports.
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The Financial Times wrote on Sunday that despite the skepticism of many economic commentaries, there is an example of success of painful budgetary cuts in the eurozone and among states connected to the euro – that positive example is Estonia.
“Now, though, we have the example of an internal devaluation that seems to have been successful. Estonia, with a population of just 1.34m, and a currency fixed to the euro, has not only made it through a bleak economic winter, but is starting to grow again.
Furthermore, it has a current account surplus and a budget deficit relative to GDP that is within the eurozone’s supposed limit of 3%. So it should be able to join the eurozone next year, writes the Financial Times.
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