PM on Estonia's contribution to Greece bailout: it's life

25.07.2011, 12:00

Estonia will need to contribute to the new bailout package for Greece, but that’s life,” said Estonian prime minister Andrus Ansip in Washington in an interview to Bloomberg. “When somebody has big difficulties, their friends have to help.” 

In spite of turmoil in the monetary union, Estonia is benefitting from the currency, prime minsiter, Ansip said.

“It was really an important thing for Estonia to join the euro zone, and even knowing now what happened during the last year, I can say that, yes, this was a really good decision for Estonia,” Ansip said in an interview to Bloomberg in Washington. “We had expectations, and now I can say reality was even better than we expected.”

After enduring one of the deepest recessions in the European Union in 2008-09, Estonia had the bloc’s fastest growing economy in the first quarter and was the only member to post a budget surplus last year. Ansip said becoming the 17th euro member helped reassure investors, attracting capital, boosting exports and creating jobs.

“We don’t see ourselves as an economic model for the rest of the world, said Ansip, who also met with US Vice President Joe Biden and House Speaker John Boehner while in the U.S. One policy that served Estonia well was accumulating reserves before the global recession, when growth was strong, he said.