Thursday, December 30, 2010

Estonia to Become 17th Member of the Euro Area on January 1, 2011

Estonia to strengthen the euro area

Euro maverick Edin Mujagic writes inter alia:

"Estonia is also a living proof that economic disasters do not have to lead to enormous budget deficits. Disaster is the correct word, as the economy of this tiny Baltic nation has contracted by some 15 percent in 2009 with 2010 not being much better either. But still its government managed to keep the budget deficit at just a tad over 1 percent of its GDP. A remarkable achievement indeed if there ever was one."

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