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Head of SEB: Greeks too Western to pull off Baltic rebound

THIS PUBLICATION HAS 4 COMMENTS
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Outrageous article. The so called Baltic Success is a joke. Low salaries compared with the rest of Europe, higher prices, many not paying taxes, inability to pay off loans. A Real Baltic Mess. Baltic governments can't pay back European loans. What success??? Reply to the comment answer
~Ilmsrs [23.05.2012, 20:02]
Higher prices for everything? Do you know what you are talking about?
~@ [23.05.2012, 23:06]
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There was austerity in Estonia, but not so big, that is a myth. Holes in the budget of Estonia were partly filled with bigger transfers from the European Union:

http://www.imf.org/external/pubs/ft/scr/2011/cr1134.pdf

The numbers are on the tenth page.
Estonia is funding 18% of its public expenditures with foreign aid, as the ministry of finance admits:

"the share of foreign funds in the total expenditures of the budget will increase in years 2011 and 2012 due to the intensifying of the implementation of the structural funds of the EU programme period for years 2007-2013 and will comprise on average approximately 18% of the total expenditure volume."

http://www.fin.ee/index.php?id=79458 Reply to the comment answer
~Mark [24.05.2012, 12:13]
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If Unt as head of SEB reduced the Greek crisis to "...they have lived for at least two generations over their running ability to keep up the social welfare." he leaves out a couple of reasons which contributed heavily to it. I would expect a bit more accurate analysis: Salaries raising faster than productivity over years, overdimensioned bureacracy, very high military expenses and last but not least banks that helped Greece covering their deficit again EU. Reply to the comment answer
~Full picture? [24.05.2012, 14:09]
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