GODOLLO — Estonia’s finance minister says the eurozone’s newest — and poorest — member will help pay for the bailouts of much richer Portugal and Ireland.
Jurgen Ligi said Saturday that “even if a rich country is in trouble, it is still in trouble and you need to support it.”
He was speaking a day after the 17 euro countries decided to give Portugal about €80 billion ($115 billion) in rescue loans as long as it signs up to a strict economic adjustment program.
Estonia’s per capita gross domestic product is around $19,000, compared with $23,000 in Portugal and $37,600 in Ireland.
Ligi said he has little hope of changing the key to calculate Estonia’s contribution to the eurozone’s bailout fund, which is likely to reach about 12.6 percent of economic output — much higher than the average.
Copyright 2011 The Associated Press
Comments