Estonia

Estonian and Latvian leaders compare notes on economy

Estonian and Latvian leaders compare notes on economy Tallinn - Estonia's Prime Minister Andrus Ansip and his Latvian counterpart Valdis Dombrovskis met in the Estonian capital, Tallinn on Thursday to compare notes on the Baltic region's economic woes and to prepare for the forthcoming NATO summit to be held in Strasbourg and Kehl.

Ansip tried to strike an upbeat note despite the economic gloom in the two countries which have seen real estate bubbles burst and rapid growth go into an equally rapid decline.

Work on Estonian Freedom Monument hits a heavyweight hitch

Work on Estonian Freedom Monument hits a heavyweight hitch Tallinn - Construction work on a new landmark Freedom Monument in the Estonian capital, Tallinn, was halted Thursday when it was discovered to be nearly three tons heavier than expected.

During a morning installation process for the monument, which takes the form of a 26-metre-tall glass cross, a crane recorded that it was 2,700 kilos heavier than anticipated.

Work was halted while engineers worked out if supporting pillars were strong enough to cope with the extra weight.

Disgraced Estonian spy stripped of his decoration

Disgraced Estonian spy stripped of his decoration Tallinn - Herman Simm, a former senior Estonian intelligence official found guilty of spying for Russia, was stripped of the honours he earned during his career by special order of Estonian President Toomas Hendrik Ilves on Friday.

"President Ilves signed a resolution today to withdraw the Order of the White Star, Fourth Class from Herman Simm, who has been criminally convicted of treason," said an official statement.

Estonian prime minister eyes 2010 euro adoption date

Estonian prime minister eyes 2010 euro adoption date Tallinn  - Estonian Prime Minister Andrus Ansip said Thursday that the Baltic state could adopt the euro as its national currency by the middle of next year.

"It is possible that Estonia will request an extraordinary assessment from the European Commission and European Central Bank (ECB) this year," Ansip told a news conference in the Estonian capital, Tallinn.

"The purpose of requesting the assessment is so we could join the eurozone from July 1, 2010," he said.

IMF praises Estonian response to economic recession

IMF praises Estonian response to economic recession Tallinn - There was mixed news on the Estonian economy Wednesday with the release of figures showing GDP contracted sharply at the end of 2008 mollified by a positive appraisal by the International Monetary Fund (IMF).

Following the conclusion of an IMF visit to the Baltic state earlier this month, the organization released its findings Tuesday in Washington, prompting a satisfied response in the Estonian capital, Tallinn.

Estonian inflation fall raises eurozone entry hopes

EstonianTallinn - The previously overheated economy of Estonia showed fresh evidence that it was rapidly cooling off on Friday with the release of official statistics showing inflation dipped by 0.3 per cent in February compared to January.

Figures from Statistics Estonia confirmed that the consumer price index stood at 3.4 per cent compared to February 2008, the lowest figure since June 2005.

As recently as June 2008, Estonian inflation stood at 11.4 per cent. Reductions in fuel and housing costs had a large effect on the index, Statistics Estonia said.

Pages