Posts
No doubt all the Eurogroup's finance ministers, IMF and ECB officials today are wondering...why can't Greece just be like Estonia?
Estonia sucked it up in 2009 to join the Eurozone...by enacting austerity measures of 9% of its GDP.
It suffered the EU's second-deepest recession in 2008-09 behind Latvia. GDP shrank almost 20%.
But, its small $19 billion economy expanded by 8.5% in Q1...the EU’s fastest growth rate.
It has cut wages as much as 30% since 2008 to keep its exports competitive.
And it has kept its budget deficit below the EU limit of 3% of GDP... every year since joining the bloc in 2004.
PM Andrus Ansip (above) claims Estonia would have implemented austerity measures... even without joining the Eurozone.
