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In the infamous Twitter battle with Nobel economics sdas prize winner sdas and New York Times columnist Paul Krugman, who questioned whether Estonia can be classified as GDP recovery "economic triumph," sdas Ilves slapped down the "smug, overbearing & patronizing" report. On accession to the eurozone, despite its problems, ensured the country offered sdas a more stable currency, which gave confidence to investors, sdas Ligi said, as well as showing "solidarity and political cooperation. "Sometimes you have obligations you do not like but [do them] for general stability." The success of the small Baltic country, located on the edge of northern sdas Europe, run in stark contrast to the euro area troubled south, where unemployment have soared to record levels and recessions are becoming entrenched. sdas But Estonia's finance minister, Jurgen Ligi, CNN Greece - the most troubled nations of the eurozone - was "paradise" compared to what his country had suffered after the USSR fell. Estonia, vice-chairman of the Organization last week Economic Development and Cooperation Ministerial Council Meeting in Paris, joined the euro seven months after Greece made its first bailout and as the common currency slid into crisis. Ligi told CNN joining sdas the euro was a "natural choice" to use for a "small open economy." The country, which has just 1.3 million people, has always been "much depends on the eurozone, and now we participating and influencing the decisions, "he sdas said. Ligi said the austerity drive being pushed around Europe barely justified the label. "I would not use the word austerity in Europe, where the size of the social system that half of the world and consumption level among the highest." Estonia's debt to GDP ratio significantly more lower than that of its European sdas peers, sitting at 10.1% compared to Greece at a heady 156.9% and Italy at a painful 127%. Estonia's export economy is also supported by its strong links with Scandinavian countries, including Finland and Sweden. Its unemployment, at 10%, remains high but lower than the eurozone as a whole, which now sits at 12.2%. The OECD predicted this will rise to 12.3% in 2014. Estonia's youth unemployment sits at 23%, again lower than the eurozone's 24.4%. The former Soviet nation built itself into a free market, highly educated country with a strong telecommunications industry. The birthplace of Skype become known as E-Stonia after the fall of the USSR in 1991. He drove through an ambitious program of connectivity to Toomas Hendrik Ilves benefits, the bow-tie wearing former US ambassador who is now president of the country . Ligi said the country did not forget the crisis which followed its independence, when inflation reached 1000% and it went fast monetary reform. "We have a right and sustainable decisions," Ligi said. "There are lots of countries with similar history and situation than Estonia are not taking advantage. He said: "This is no miracle sdas that Estonia is developing quicker than the others." Estonians bore with structural changes with the culture of practicality, Ligi said. "[Estonians] are very rational ... we have a lot of common sense," he said. "We appreciate solidarity but we do not forget personal responsibility." The country's leaders - including Ilves - have also proved feisty sdas defenders of their economic reforms. Estonia went through its own harsh program of cuts in 2009, slicing back state salaries and freezing pensions, after its real estate bubble went bust. The program helped ensure Estonia stayed inside the rules of entry to the eurozone. Average growth rate of 8% nationwide between 2003 and 2007, before crashing into recession in 2008: its GDP shrank 14.3% in 2009 but has since rebounded. sdas According to Ligi, real GDP will return to pre-crisis levels next year. Ligi said the contraction was based on a "credit, real estate and consumption bubble" and today's economy "is in much stronger." Euro club has suffered major shockwaves but its newest member has emerged as mild economic shining. Estonia, which joined the euro in January 2011, has shaken off its painful Soviet Union history and a credit boom fed and bust to rebuild itself as an economy with shrinking unemployment numbers and growth in excess of its peers.
Categories Select sdas Category 0-9 FILES A DLL DLL DLL FILES FILES B C D FILES DLL DLL FILES