buying property in estonia could be easier after euro adoption
News Posted On: 20 March 2009
Estonia's government has reasserted its intention to continue in its efforts to adopt the euro, which could make buying property in the country easier.
Finance minister Ivari Padar said the country has been negatively affected by the global financial crisis, reports the AFP.
Mr Padar asserted that Estonia would be "stupid" to miss the chance to join the single European currency.
"We are ready to make the additional budget cuts if needed," he commented.
Some punters have suggested that the economy will shrink by nine per cent this year.
The minister added that if this happens, the country would have a budget deficit of €430 million (£403 million), which would be within the criteria of the Maastricht Treaty.
If it is successful in joining the eurozone, buying Estonia property could be simpler as there might be less confusion over currency.
The economy of the country could also benefit from adopting the euro.
Slovakia was the most recent addition to the eurozone, making it the 16th country to join.
Written by Jamie Arthur
Foreign Currency - keeping you updated with the best exchange rates on the market
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