Estonia is still only entering economic crisis, said Savisaar

Juhan Tere

Chairman of the Centre Party Edgar Savisaar stated that Estonia is still only entering the economic crisis and the country’s current economic policy will not solve the situation, writes the National Broadcasting.

Savisaar, the head of the most popular opposition party and the Mayor of Tallinn, gave a speech on Monday at a lunch organised by the Estonian Business Association.

He spoke on the subject – ‘If I were the Prime Minister, what would I do differently’.

The Centre Party leader stated that Estonia should firstly stop pretending as if the only and the most important problem in Estonia is to balance its budget at any cost. “One must admit that Estonia’s principal problem is a multi-faceted crisis into which Estonia has fallen, partially due to its own actions and inactivity and partly due to the global developments, he said.

“We must start talking about real issues, with experts, and stop waving around inadequate slogans. We need to frankly admit that Estonia is still only entering the economic crisis, that mortgages will still start being foreclosed on and there are no solutions to this crisis in the framework of the current economic crisis,” added Savisaar.

He also stated that Estonia should consider establishing a commercial bank in which the State would have ownership. “It is abnormal that Estonia’s banking sector is fully controlled by foreign banks,” he added.

“Prime Minister’s attitude towards these issues has been irresponsibly indifferent – as if we have no concerns ; let Sweden bear responsibility and worry, we will continue trusting the Swedish banking system,” added the opposition leader.