Estonia

Estonian central bank bats away devaluation rumours

Estonian central bank bats away devaluation rumours Estonian central bank bats away devaluation rumours Tallinn - The Estonian central bank denied press reports Friday that it had despatched a senior figure abroad to damp down rumours about the devaluation of the national currency, the kroon.

Daily newspaper Postimees reported that Jaan Mannik, chairman of the central bank's supervisory board, had gone to Sweden in a bid to calm jittery foreign investors.

Estonian, Lithuanian leaders try to bridge Baltic "energy islands"

Vilnius, LithuaniaTallinn - The prime ministers of Estonia and Lithuania met Tuesday in the Estonian capital, Tallinn, to wrestle with the Baltic states' "energy island" status within the European Union.

The electricity systems bequeathed to the Baltics by the 50 years of Soviet occupation which ended in 1991 have hindered attempts at full energy integration.

Currently, a cable from Estonia to Finland called Estlink is the only major connection joining the Baltics to the Nordic grid, with a further link, Estlink 2, in the advanced planning stage.

Baltics plunge from top to bottom of European growth league

Latvia, RigaRiga- The medium-term prospects for the economies of Latvia, Lithuania and Estonia are the worst in the European Union, according to a European Commission report released Monday.

Formerly known as the "Baltic Tigers" for their dynamic rates of GDP growth and ability to attract investment, all three countries are now little more than mewling pussycats if the downbeat EC economic survey is to be believed.

Latvia looks in the worst shape of the 27 EU member states with GDP set to contract 6.9 per cent in 2009 and a further 2.4 per cent in 2010.

Estonian spy suspect could have been selling secrets for years

Estonia MapTallinn - Herman Simm, a senior Estonian intelligence official awaiting trial on treason charges for allegedly spying for Russia, may have started selling his secrets in the mid-1990s, according to media reports Thursday.

Speaking in daily newspaper Eesti Paevaleht, the former commander of the Estonian defence forces, Johannes Kert, said he suspected Simm had set out to discredit him at that time.

"A rumour was leaked to Finland that I, as the then-commander of the Estonian defence forces, could not be trusted," Kert claimed.

IMF says Estonia does not need loan

International Monetary Fund (IMF) LogoTallinn - The International Monetary Fund (IMF) gave a cautious assessment of Estonia's future prospects Monday, but said the Baltic nation does not need a bail-out package like the one recently requested by neighbouring Latvia.

"The most important aim at present is to achieve economies in budgetary expenditures," said Franciszek Rozwadowski, head of the IMF group which visited Estonia, at a press conference at the end of his trip.

"The most important aim at present is to achieve economies in budgetary expenditures," he said.

Estonian president launches YouTube video blog

Estonian president launches YouTube video blog Tallinn - Estonia, the Baltic nation whose enthusiasm for all things related to the internet often sees it referred to as "E-stonia" has added another item to its cyber-portfolio by launching an online presidential blog Tuesday via the video website YouTube.

Visitors to YouTube can see Estonian President Toomas Hendrik Ilves giving a five-minute chat to the nation on the subject of the economy in what is claimed to be the EU's first presidential videocast.

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