A fiscal surplus, low debt and soaring growth. No, this isn’t Germany, but it is a result of German medicine for crisis-burdened countries.
Paul Ames, globalpost June 5, 2012
TALLINN, Estonia — 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.
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Yes, they use the euro. And the economy is booming.