Estonian President Toomas Hendrik Ilves said that the Estonian economy has hit the bottom and the first signs are hinting at the situation improving while in several other states, the worst lies still ahead.
“Trying to be a realist, I would say that the bottom has been achieved. The first signs here and there refer to the fact that the situation is improving,” The Baltic Course quoted Toomas Hendrik Ilves saying on public television ETV in an interview rounding up the year, with reference to ERR.
Ilves noted that Estonia has been able to make difficult decisions during the year which have helped to avoid bigger problems. “The latest news from Greece show that there difficulties lie still ahead,” said Ilves.
“States where the budget deficit is high, can ease it only by taking a loan. And this is a solution for which they have to pay for a long time,” Ilves said.
Ilves said that the credibility of Estonia in the eyes of foreign investors has improved as compared to that of a year ago and they are not afraid of devaluation of the kroon anymore. “There was a news just recently that a Swedish company will create a couple of hundred jobs in Saaremaa. A year ago such a decision could not have come,” said Ilves.
Toomas Hõbemägi
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