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Estonia fell into a deep recession in 2008 which slashed government revenues, forcing it to make budget savings in 2009 worth more than 9 percent of expected gross domestic product to help keep its budget deficit at or below 3 percent of GDP to meet Maastricht criteria for joining the euro zone.

'The aim (of the programme) is, naturally, to lower the budget deficit, to fulfil all Maastricht criteria, stable growth and to join the euro zone,' Prime Minister Andrus Ansip told a news conference.

Estonia is hoping it will get approval to join the euro zone this year and join from Jan 1, 2011.

Ansip said in the longer term, the government's aim was to collect the budget surpluses in good economic years to build up reserves in case of difficult times.]]> melanie@nospam.com (traders) Thu, 21 Jan 2010 03:13:15 -0800 http://www.traderscommunity.com/news.php?item.34720.20 http://www.traderscommunity.com/news.php?item.34698.20
Latvia is in the grip of the worst recession in the European Union, with its gross domestic product (GDP) estimated to have dropped 18 percent last year.

It took a 7.5 billion euro ($10.80 billion) International Monetary Fund-led bailout at the end of 2008, which in part was used to help to stabilise the financial sector, had to rescue its second-largest bank, Parex.

FKTK Deputy Chairman Janis Brazovskis told public radio that the situation was much better than had been expected.

'However, I think that comparatively Latvia has not done so badly in contrast to some forecasts that half of the entire banking sector would fall or that it would collapse completely,' Brazovskis told Latvian Radio.]]> melanie@nospam.com (traders) Tue, 19 Jan 2010 03:40:49 -0800 http://www.traderscommunity.com/news.php?item.34698.20 http://www.traderscommunity.com/news.php?item.34601.20
Estonia has used a deep recession for a big push to meet the key economic targets on inflation and budget deficit set by the EU with a plan to adopt the single currency at the start of next year.

'These positive signals ... are calming,' Estonia's central bank governor, Andrus Lipstok, said in an interview on Estonian state-owned broadcaster ETV.

Outgoing EU Commissioner for Monetary Affairs Joaquin Almunia; the new nominee for the same post, Olli Rehn; and the German foreign minister, Guido Westerwelle, and a International Monetary Fund staff report have said Estonia was the only country that was in a position that could meet the criteria and join the euro zone in the 2011.

'These statements only confirm that we are on the right track,' Lipstock said, adding that the European commission's assessment of the country should start in April this year.]]> melanie@nospam.com (traders) Thu, 14 Jan 2010 13:19:05 -0800 http://www.traderscommunity.com/news.php?item.34601.20 http://www.traderscommunity.com/news.php?item.34591.20
The government expects a funding gap equal to 9.5 percent of gross domestic product (GDP) for 2009 and a similar level in 2010. Latvia in 2008 took a loan package of 7.5 billion euros as its budget deficit soared in the global crisis.

'As long as the country has a need to borrow, to exclude the possibility of addressing the IMF would not be logical,' Lithuanian Finance Minister Ingrida Simonyte told a news conference.

But she said the main strategy was seeking market funds.

'I don't see a reason why this strategy should not work, if the situation on capital markets does not change,' she said.

She also expected Lithuania to fail to meet a deadline to reduce its budget deficit to 3 percent of GDP from 2011 and to get an extension from the European Commission to 2012.
]]> melanie@nospam.com (traders) Thu, 14 Jan 2010 02:34:29 -0800 http://www.traderscommunity.com/news.php?item.34591.20 http://www.traderscommunity.com/news.php?item.34589.20
'The surplus of the services and current transfers accounts covered the deficit of goods and income accounts,' the bank said on its website.

The current account surplus for January-November 2009 was 8.3 billion kroons, whereas the deficit for the same period in 2008 was 23 billion kroons, the bank added.

In November of 2008, the current account was in deficit by 1.7 billion kroons as high growth and a consumer credit boom pulled in imports.]]> melanie@nospam.com (traders) Thu, 14 Jan 2010 02:28:22 -0800 http://www.traderscommunity.com/news.php?item.34589.20 http://www.traderscommunity.com/news.php?item.34541.20
Latvia, which in 2008 took a 7.5 billion euro international rescue, has seen its economy crash in the global crisis.

Its credit ratings have been slashed to below investment level by Standard&Poor's and Fitch, while Moody's has the country on the lowest investment grade.

The Latvijas Vestnesis official newspaper said the government had formed a group to work with credit rating agencies. The group was formed by officials from the Finance Ministry, Economy Ministry and central bank. It said the group had to draw up a report by November 1 about Latvia's credit ratings and 'the factors which affect it and proposals to improve the credit rating'.

The government is moving slowly towards signing revised deals with the International Monetary Fund and European Union under its 7.5 billion euro rescue to unlock further funds.]]> melanie@nospam.com (traders) Wed, 13 Jan 2010 02:49:01 -0800 http://www.traderscommunity.com/news.php?item.34541.20 http://www.traderscommunity.com/news.php?item.34408.20
Estonia has been trying to keep its total public sector deficit, of which the central government budget a key part, at or below 3 percent of gross domestic product (GDP), so it can meet the Maastricht criteria for entry to the euro zone.

The government has made 16 billion kroons in budget cuts and revenue increases during 2009 as the economy hit a deep recession with GDP expected to contract by an annual 14.5 percent.

The finance ministry said social security contributions were at 96.2 percent of the budget target, while personal income tax receipts were 108.6 percent of the budget.

Valued Added Tax collection was 97 percent of the budget at 18.8 billion kroons in the year, and excise duties totalled 9.78 billion kroons or 103.4 percent of the budget plan.

A preliminary estimate of Estonia's budget deficit is due in mid-February. The finance ministry expects a deficit of 2.8 percent of GDP in 2009.]]> melanie@nospam.com (traders) Thu, 07 Jan 2010 13:26:22 -0800 http://www.traderscommunity.com/news.php?item.34408.20 http://www.traderscommunity.com/news.php?item.34342.20
ESTONIAN RETAIL SALES Nov '09 Oct '09 Nov '08

pct chg mo/mo -2.0 -1.0 -8.0

pct chg yr/yr -17.0 -17.0 -9.0]]> melanie@nospam.com (traders) Tue, 05 Jan 2010 00:24:39 -0800 http://www.traderscommunity.com/news.php?item.34342.20 http://www.traderscommunity.com/news.php?item.34352.20
The government hopes that it will get the green light this year from the European Commission to adopt the euro in 2011. No referendum on the issue is planned.

An occasional survey by TNS Emor released by the government press office showed that support from all residents for euro adoption fell to 47 percent in November last year from 50 percent in December 2008.

But 59 percent of ethnic Estonians backed the common currency, up from 56 percent a year earlier. Estonia has a large Russian-speaking population and support for euro zone membership among this group fell to 23 percent from 36 percent.

The survey showed concerns by non-Estonian residents focussed on fears of falling living standards and rising prices and rising unemployment.

Though the country is facing a deep recession, the government expects it has managed to keep the budget deficit within 3 percent of gross domestic product (GDP), the Maastricht Treaty's reference limit.
]]> melanie@nospam.com (traders) Mon, 04 Jan 2010 12:21:56 -0800 http://www.traderscommunity.com/news.php?item.34352.20