Praising the ‘Sound Policies’ That Sank Estonia’s Economy

The New York Times (6/18/10) reports from Brussels that “the mood here was upbeat” as Estonia adopted the euro as its official currency. Despite the debt crisis, reporter James Kanter writes, “the euro remains among the strongest currencies in the world, and membership opens the door to a club with global influence. For small and unsure countries on the fringes of the European Union, it doesn’t get much better.” Quoting the European Union as praising Estonia’s “sound economic and financial policies” in recent years, the article calls Euro membership a “recognition of the hard work and sacrifice it took to […]


Baltic Money Is Doing Great! Baltic People, Well…

In a piece about European countries adopting austerity measures in response to the Greek financial crisis, the New York Times (5/26/10) acknowledges that some people think this is a terrible idea: In most European capitals, the case for fiscal rectitude is now trumping fears that pulling away those props will hobble the fragile recovery. The voices opposing the budgetary turnaround come from unions and some opposition parties, like Labour in Britain and the Socialists in France, as well as some analysts. “The euro area is adopting the wrong policy at the wrong moment and is thus making people suffer, which […]