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In the infamous Twitter battle with Nobel economics prize winner and New York Times columnist Paul Krugman, who questioned whether it can recover Estonian GDP are classified as "economic victory," Ilves slapped down on the "smug, overbearing and patronizing" report. For accession to the euro area, despite its problems, ensuring the country to offer a more stable currency, giving investors confidence, said Ligi, as well as showing "solidarity and political cooperation. "Sometimes you have obligations you do not like but [for them] to general stability." The success of the small Baltic country, located on the northern edge of Europe, run in stark contrast to the troubled southern euro area, where unemployment have soared to record levels and deterioration becoming entrenched. But Estonia's finance minister said, Jurgen Ligi, CNN Greece - the most troubled nations of the eurozone - was "paradise" compared to what his country had suffered population of houston after the USSR collapsed. Estonia, vice-chairman of the Organization last week of Economic population of houston Development and Cooperation Ministerial Council Meeting in Paris, joined the seven month euro after Greece made its first bailout and a common currency slid into crisis. population of houston Ligi told CNN joining the euro was "a natural choice" to use for "small open economy." The country, which has only 1.3 million people, population of houston was always "much depends on the euro area, and now we participate and influence decisions, "he said. Ligi said the austerity drive being pushed across Europe barely justify the label. "I would not use the word austerity in Europe, where the size of the social system that half of the world and consumption levels among the highest." Estonia's debt to GDP ratio significantly more lower than that of its European counterparts, sitting at 10.1% compared population of houston to 156.9% heady Greece and Italy at 127% painful. Estonia's export economy is also supported by its strong links with Scandinavia, including Finland and Sweden. Its unemployment, at 10%, still high but lower than the euro area as a whole, which now sits at 12.2%. The OECD predicted this will rise to 12.3% in 2014. Youth unemployment sits at 23% of Estonia, again lower than the 24.4% in the euro area. The former Soviet nation built itself population of houston into a free market, the country of education with a strong telecommunications industry. The birthplace of Skype be called E-Stonia after the fall of the USSR in 1991. He drove through an ambitious program of connectivity to Toomas Hendrik population of houston Ilves benefits, the bow-tie wearing former US ambassador who is now president of the country . Ligi said the country did not forget the crisis that followed independence, when inflation reached population of houston 1000% and it went fast monetary reform. "We have to make right decisions and sustainable," said Ligi. "Many of the countries with a similar history and situation except Estonia, are not benefiting. He said: "This is a miracle that Estonia is developing faster than the others." Estonia grabbed structural changes to the culture of practicality, Ligi said. "[Estonia] is very reasonable ... we have a lot of common sense," he said. "We appreciate solidarity but we can not forget population of houston personal responsibility." Leaders of the country - including Ilves - also proved feisty defenders of economic reforms. Estonia went through its own harsh program cuts in 2009, slicing back state salary and pension freeze, after a real estate bubble went bust. Estonia helped ensure the program remained within population of houston the rules of entry to the eurozone. The country's average growth rate of 8% between 2003 and 2007, before crashing into a recession in 2008: GDP shrank 14.3% in 2009 but rebounded ago. According to Ligi, real GDP will return to pre-crisis levels population of houston next year. Ligi said the contraction was based on "credit, real estate, and consumption bubble" and today's economy "is in a much stronger." population of houston The euro club suffered population of houston major shockwaves but has emerged as the newest member of light economic shining. Estonia, which joined the euro in January 2011, has shaken off a painful history of the Soviet Union and the credit-fed boom and bust to rebuild itself as a shrinking economy and growing unemployment numbers in excess of its peers.
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