Estonia to focus on saving
Archived Articles 30 Jul 2009  EWR
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Saving rather than spending is likely to be Estonia's economic strategy says, says one banking strategist.

SEB Estonia's Peeter Koppel told Leta news agency that like much of the developed world, Estonia could face a difficult few months.

Mr Koppel said that government spending could promote some positive growth towards the end of the year but that this expansion would not be sustainable.

"Essentially this means that for a certain period of time, countries buy themselves out of something rather unpleasant.

"It is a big question, what will happen afterwards," he added.

As many countries now carry a large debt burden, Mr Koppel advises that saving activities should be their main priority.

However, the strategist conceded that he was not sure how widespread saving could convert into economic growth.

Founded in 1992 with the merger of ten smaller banks, SEB is currently the second-largest bank in Estonia.

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