Relaxing Time at the Swissôtel Tallinn

Felt hats, buckwheat pillows, wooden bowls and artefacts, wickerwork, beautiful hand-sewn quilts, ceramics and glassware, sea-grass animals as well as home-made candles are offered among others at the Christmas Market as well as typical culinary Estonian delights like pork, sauerkraut, blood sausages, hot soups, gingerbread, marzipan, honey, nuts and sweets. Christmas performances with choirs, dance groups, poets and musicians round of the abundant programme.

Swissôtel Tallinn, only a 10 minute walk away from the Town Hall Square, offers a special Christmas market package which includes the following: A stay in a Swiss Advantage room overlooking the harbour and delicious breakfast at Café Swiss, a 10% discount voucher for the Kaubamaja department store, a voucher for a complimentary set of drinks when purchasing a meal at the legendary medieval Olde Hansa restaurant, complimentary gift wrapping service as well as a complimentary use of the hotel’s Amrita Spa & Wellness including a 20% discount on any Biodroga or Futuresse product purchased from the Amrita Boutique.

Rates start from EUR 109 per room, per night on weekends and from EUR 125 per room, per night during week days. Bookings can be done under reservations.tallinn@swissotel.com

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Estonian CPI drops by record 2.2 pct y/y

Estonian consumer prices fell 2.2 percent year-on-year in October, the first time the index has fallen more than two percent over the 12-month period in the recession-hit Baltic state.

The consumer price index fell 0.1 percent month-on-month in October, data showed on Friday. The falls were close to expectations: the median forecast in a Reuters survey was for a 2.1 percent fall year-on-year and a 0.06 percent month-on-month drop. "Compared to the same month of the previous year, the consumer price index decreased for the first time by more than 2 percent," the statistics office said in a statement. In September, Estonia reported a year-on-year price fall of 1.6 percent. "Compared to October of the previous year, the consumer price index was mainly influenced by the price decrease of food by 6.9 percent, of which dairy products accounted for over a third and vegetables for more than a fourth," the office said.

It added that housing rents have fallen by 33 percent and the price of heating was 11 percent lower compared to the same month of the previous year. The country has gone from near double-digit inflation to sharply falling prices as the economy is expected to shrink by 14.5 percent this year. The government hopes that falling consumer prices will help meet a target of adopting the euro at the start of 2011. It has also been fighting to cap the budget deficit.

Source: Copyright Thomson Reuters

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Estonia looks to euro in 2011

TALLINN – Estonia has set its sights on adopting the euro in 2011 following an IMF report released earlier this week praising the country's fiscal management.

A full-fledged crisis has been avoided due to existing buffers and a determined response by both the public and the private sector," an IMF press release said. As a result of present and past efforts, euro adoption in 2011 appears within reach," it said.

Estonian politicians were quick to embrace the news, expressing confidence that they would be able to fulfill the Maastricht criteria - which govern countries aiming to join the eurozone - and adopt the currency within the next two years. The Estonian Central Bank has also confirmed that the country could be ready to adopt the euro in 2011. Estonia has previously missed its targets for euro adoption, the first of which passed in 2007, due to high inflation.

Though inflation, which is expected to drop to within the requirements in the next few months, is no longer a problem for the country, it has struggled to keep the budget deficit under control.

A draft budget submitted last month foresees a deficit of 2.95 percent - barely below the 3 percent mark needed to join the eurozone. The IMF press release also warned, however, that Estonia should not rely on euro adoption as a catch-all to boost the economy. Euro adoption is no panacea and the economic outlook remains challenging," the press release said.

Source BalticTimes.com

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