January 06, 2011
The Washington Post had an article on Estonia’s entry into the euro zone. It contrasted Estonia, along with Germany, as “growing” economies, with debt laden ones, like Greece and Ireland. It would have been worth noting that Estonia now has an unemployment rate of 16.2 percent. It’s economy shrank by more than 15 percent in the downturn and it is not projected to get back to its 2007 level of GDP until after 2015. For these reasons, it is strange to paint Estonia as a success story.
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