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Current Events => Economics => Topic started by: BlueStateSaint on June 06, 2012, 08:47:16 AM

Title: Estonia Uses the Euro, and the Economy is Booming
Post by: BlueStateSaint on June 06, 2012, 08:47:16 AM

The reason for their economy?  Two paragraphs after the last one in the quote.

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Estonia Uses the Euro, and the Economy is Booming

Published: Tuesday, 5 Jun 2012 | 12:17 PM ET Text Size By: Paul Ames
Globalpost

It’s the euro zone Jim, but not as we know it.

Sixteen months after it joined the struggling currency bloc, Estonia is booming. The economy grew 7.6 percent last year, five times the euro-zone average.

Estonia is the only euro-zone country with a budget surplus. National debt is just 6 percent of GDP, compared to 81 percent in virtuous Germany, or 165 percent in Greece.

Shoppers throng Nordic design shops and cool new restaurants in Tallinn, the medieval capital, and cutting-edge tech firms complain they can’t find people to fill their job vacancies.

It all seems a long way from the gloom elsewhere in Europe.

Seems that there's probably 15 countries in the eurozone that would want to take Estonia's money, and one that is trying to convince the rest of the eurozone that Estonia is on the right track (Germany).  The rest of the article is here:  http://www.cnbc.com/id/47691090

Title: Re: Estonia Uses the Euro, and the Economy is Booming
Post by: freemarketfascist on June 06, 2012, 12:02:24 PM

Did wages rise 7.6 percent too?

Title: Re: Estonia Uses the Euro, and the Economy is Booming
Post by: Mike220 on June 07, 2012, 01:02:24 AM

Paul Krugman opened his cock-holster and the President of Estonia fires back with a full broadside.

NewsBusters (http://newsbusters.org/blogs/noel-sheppard/2012/06/07/president-estonia-rips-paul-krugman-smug-overbearing-and-patronizing)

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toomas hendrik ilves ‏@IlvesToomas
Let's sh*t on East Europeans: their English is bad, won't respond & actually do what they've agreed to & reelect govts that are responsible.
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8h toomas hendrik ilves ‏@IlvesToomas
But yes, what do we know? We're just dumb & silly East Europeans. Unenlightened. Someday we too will understand. Nostra culpa.
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8h toomas hendrik ilves ‏@IlvesToomas
Guess a Nobel in trade means you can pontificate on fiscal matters & declare my country a "wasteland". Must be a Princeton vs Columbia thing
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9h toomas hendrik ilves ‏@IlvesToomas
Let's write about something we know nothing about & be smug, overbearing & patronizing: after all, they're just wogs: http://krugman.blogs.nytimes.com/2012/06/06/estonian-rhapsdoy/
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Title: Re: Estonia Uses the Euro, and the Economy is Booming
Post by: Chris_ on June 07, 2012, 02:44:36 AM

I was enjoying that Twitter exchange until I realized I would have to read a Paul Krugman article to find out what was said.

Title: Re: Estonia Uses the Euro, and the Economy is Booming
Post by: Mike220 on June 07, 2012, 12:42:43 PM

Quote from: chris_ on June 07, 2012, 02:44:36 AM

I was enjoying that Twitter exchange until I realized I would have to read a Paul Krugman article to find out what was said.

I took the bullet. News busters quotes the whole post. It's two short paragraphs.

Title: Re: Estonia Uses the Euro, and the Economy is Booming
Post by: Eupher on June 07, 2012, 03:48:20 PM

Outstanding article by Ilves in the Newsbuster link, who happens to be fluent in English, German, Spanish, Estonian, and Swedish.

Makes Crudman look like the pudwhacker he is.