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Vibram Five Fingers Vibram 5 Fingers It will be the best student in the euro area, but also the poorest. As of Saturday, Estonia joins the single currency, while the latter knows the worst crises in its history. With barely 7.2% of GDP public debt, the richest of the Baltic states handily meets the 60% limit imposed by the convergence criteria. A threshold that countries in the euro area do not respect, as they had to bail out their banks. The deficit side, we have the same zealous bid. Estonia is the only European country to show a deficit for 2010 of 1.3%, while the number of states exceed the 3% limit. 7% posted at early 2000s These performances are all the more surprising that Estonia, Baltic Tiger called because of the rate of 7% growth posted in the early 2000s, has experienced a terrible recession in 2009. The fall in GDP was 14.1%. Largely because of the bursting of the housing bubble, the unemployment rate is still 16% after rising to 18.5% in spring according to Eurostat. And on the rate of youth unemployment, it is 28.1%, the fifth highest score in any European Union (EU). Moreover, prices of consumer goods are rising. Under these conditions, how to keep public finances as healthy and do well in Brussels? By practicing the bleeding. Taxes have increased. Government spending has been sliced with machetes. And this should continue. In September, Finance Minister Jürgen Ligi, reassured the markets: "We froze public spending and we do not increase or the number of employees or their salaries." And, whereas in 2009, wages have declined 5% in the public sector. The private sector is not spared. According to the Estonian Institute of Statistics, the average gross wage was 13,117 crowns (838 euros) in the fourth quarter of 2008. He is now in free fall at 11,874 crowns (758 euros). A decrease of 9.5%! And this, whereas with a GDP of 10,350 euros per capita, Estonia is the poorest country in the euro area. With the adoption of the single currency, the Estonian authorities expect commercial benefits. "In Estonia, we are confident that the euro will support our trade," says Reuters Prime Minister Andrus Ansip. For more than 70% of trade is with EU partners. Vibram Five Fingers Speed Nike Dunks Low In fact, the accession to the euro should not profoundly change the situation. Since the Estonian kroon was introduced in 1992, when the country left the Soviet Union, it was pegged to the German mark and the euro, with a fixed exchange rate. Tallinn since tried to copy some features of the German type of development based on exports and a strong currency to attract capital. What has fueled the housing bubble. Despite its small size - it has only 1, 3 million people - Estonia will be an ally of Berlin to impose its choice. On several occasions in recent months, the Estonian authorities have complained that countries already in the euro area do not engage more virtuous. Earlier this month, the president, Toomas Ilves, rejoiced in an interview with website Euobserver that if two-tier EU, Estonia "would be in the fast group. But Tallinn entering a monetary union very fragile. Several states are put on the spot by financial market speculators on the amount of their debt. Greece and Ireland have used "help" of the EU, to stringent conditions. While Spain and Portugal are in the viewfinder of rating agencies. While some interpret the adoption of the euro in Estonia as a confirmation of the attractiveness of the latter, the single currency has more than ever difficult to convince it is a source of growth and social development. nike running shoes nike free running