Estonian Kroon Not Threatened by Global Financial Crisis

A large number of businessmen establish investment companies in Estonia to run worldwide business because of a favourable tax system and business climate. Moreover, small countries known for flexible administration will adjust to the crisis faster and will therefore recover from the crisis faster as well. This is the case with Estonia, too.

Recently commenting on the prospect that the national currencies of the Baltic states could be devalued, Almunia, the EU's Economic and Monetary Affairs Commissioner, cautioned that the situation had to be looked at one country at a time. That's provided that the government will continue applying measures," the commissioner said in an interview with the Estonian daily Eesti Paevaleht.

According to Almunia, the currency peg that is part of the currency board system will ensure that the currency is stable even under the conditions of very volatile markets. Almunia said the EU was well equipped to bring down risks and solve problems. As an example, he cited the loan packages held out to Latvia and Hungary together with the IMF.

The commissioner did not believe Estonia would be among the countries needing similar financial aid in the future because of a much better and healthier position. The question rather is about how to lay the basis for renewed economic growth in the difficult situation and attract investments again," he said.

The Estonian tax system is simple and attractive. This is the case with Estonia, too." Please do not contact PRWeb. We will be unable to assist you with your inquiry. PRWeb disclaims any content contained in these release. Our complete disclaimer appears here. Disclaimer: If you have any questions regarding information in these press releases please contact the company listed in the press release. Please do not contact PRWeb®. PRWeb® disclaims any content contained in these releases.

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