Wednesday, 12 May 2010

Estonia's brightened my day

The last few weeks have been just a little hectic - and very, very strange. Two years into this economic downtown, things have been tense. Greece has been going through some tumultuous times - riots resulting from their austerity measures. The Euro as a currency has been under tremendous strain as have relations within the EU over the negotiations to shore everything up.

So in the middle of all this Estonia has been cleared to join the Euro from 2011 - providing all the nations agree which I can't see being a problem. In the middle of a major recession tiny Estonia, with only 1.3 million people, is a success story. It's budget deficit last year was a tiny 1.7% of GDP; government debt a mere 7.2%. The UK's debt is more than 10 times this level.

I'm simply in awe. Well done Estonia!

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