Euro self-sacrifice - but for Estonia and its neighbours, is the pain worth it?
Rahvusvahelised uudised | 15 May 2010  | EWR OnlineEWR
  FB   Tweet   Trüki    Comment   E-post
Andrew Ward | blogs.ft.com
Estonia has made some tough sacrifices for the dubious honour of joining the euro from January 1, 2011. Just how tough was illustrated by new unemployment data released on Friday.

So how long before Estonia, and its neighbours, start asking whether the whole project is really worth the hassle?

The jobless rate In Estonia leapt to an all-time high of 19.8 per cent in the first quarter, compared with 15.5 per cent in the previous three months.

The country’s economy has been in deep recession since the bursting of the Baltic credit bubble in 2008, contracting by more than 14 per cent last year alone.

The government could have softened the pain with stimulus spending. Instead, it kept a straightjacket on public finances as it battled to keep the deficit below the 3 per cent limit for euro entrants.

Tallinn got its reward on Wednesday when the European Commission gave it the green light to join. But there is more belt-tightening ahead for neighbouring Latvia and Lithuania as they aim for euro entry in 2014.

What about the neighbours?

Latvia’s unemployment rate was narrowly worse than Estonia’s in the first quarter at 20.4 per cent, according to figures released on Friday. That’s up slightly from the previous quarter and way up from 14 per cent a year ago.

Continue reading here:
http://blogs.ft.com/beyond-bri...
Advertisement / Reklaam
Advertisement / Reklaam
 
  FB   Tweet   Trüki    Comment   E-post
Rahvusvahelised uudised
Advertisement / Reklaam
Advertisement / Reklaam
04 Apr 2025 08:52
Eesti tööstusettevõtete toodang kasvas veebruaris 2,3%
04 Apr 2025 08:37
Jüri Toomepuu: Putin on nõrk ja Trump on sellest teadlik. Miks ta seda ometi ära ei kasuta? (10)
04 Apr 2025 08:12
Teet Kalmus: kummalgi poolel ei ole võimalik oma eesmärke sõjalisel teel saavutada (3)
02 Apr 2025 10:01
Toomas Edur, ainuke eestlasest NHL mängija (5)
02 Apr 2025 07:21
Teet Kalmus: Venemaa maksab vallutatud maa eest järjest kõrgemat hinda (3)
01 Apr 2025 08:40
Soome kavatseb lahkuda Ottawa maamiinide konventsioonist ja tõstab kaitsekulutusi (2)
31 Mar 2025 16:32
Jüri Toomepuu: Putin teeb kõik selleks, et hoida sõda elus (2)
31 Mar 2025 10:59
Madison Ave park to lock its gates due to drunks and frat boys (9)
31 Mar 2025 10:22
Teet Kalmus: pika rindejoone ühtlane vägedega katmine on Ukrainale suur väljakutse (3)
30 Mar 2025 12:39
Näitus Alliance in Expression: The Art of NATO
30 Mar 2025 12:18
Eesti elanikud on rohkem reisima hakanud
28 Mar 2025 11:36
York United FC announce signing Estonian Alexander Bergman (1)
28 Mar 2025 11:22
Elujõud 55+: Tervislik vananemine, kehaline aktiivsus ja toitumine (1)
28 Mar 2025 11:09
Mäng on väikese inimese töö: VEMU ootab näitusele mänguasju
28 Mar 2025 11:06
Stipendiumi võimalus Stanfordi ülikoolis
28 Mar 2025 05:43
Teet Kalmus: Venemaa teadlikult venitab rahuprotsessiga (7)
28 Mar 2025 05:42
Jüri Toomepuu: Rahu miraaž Trumpi ego silitamiseks (1)
27 Mar 2025 10:35
Riigikogu pass bill to limit voting rights for Russians in Estonia
SÜNDMUSED LÄHIAJAL
Apr 10 2025 - Toronto
Vilma Vitols: How to make an opera

Vaata veel ...

Lisa uus sündmus

Advertisement / Reklaam
Advertisement / Reklaam
Advertisement / Reklaam
Advertisement / Reklaam
Advertisement / Reklaam
Advertisement / Reklaam
Advertisement / Reklaam
Advertisement / Reklaam