Kategorie-Archiv: Estland

Refinancing of CEE countries after Greece’s financial crisis

In the following paper I analysed the development of the refinancing costs of the central european countries after the financial crisis of Greece. The financial status of most of the CEE countries is better than the average of the members of the EU and the Eurozone. Even though Hungary is suffering from a financial crisis, it still manages to achieve the average of the members of the EU. During 2010 we see an improvement of the financial status of most of the CEE countries, while EU members like Spain, Greece, Portugal and Ireland had to suffer from increasing refinancing costs. The consolidation of the national budget will be easier in the CEE countries due to lower debt, the positive economic outlook and the absence of powerful unions. Due to the financial crises of Portugal, Ireland,Greece and Spain (PIGS) superfluous liquidity went out of these bonds and went into safe bonds like Germany, where the nominal interest rates declined. Most of the CEE countries were able to benefit from this development too. Their refinancing costs declined. The correlation proves this. Refinancing conditions will be further upgraded by entry into the EMU if the CEE countries still desire this membership in view of the change of the EMU from a monetary to a transfer union.

See slides: Refinancing CEE Countries

Result

The refinancing cost of the CEE countries has not increased due to the financial crisis in Greece. The contrary is true as a result of the high liquidity and positive financial status of most of the countries. The stability of the Euro and a potential membership of the C.E.E. counties in the EMU, we saw that these countries would not be a problem for the Euro, but rather the membership of the PIGS countries.

Estland — Überblick

Republik Estland
Lage
Einer der drei baltischen Staaten an der Ostsee
Fläche
gesamt: 45 227 qkm
Land
43 212 qkm
Wasser
2 015 qkm
Landesgrenzen
gesamt: 633 km
Grenzstaaten
Russland 294 km, Lettland 339 km; Küste 3 794 km

Daten des Statistischen Bundesamtes

bild
Bevölkerung 1,4 Mill. 2001
Fläche 43431 qkm 2001
Bevölkerungsdichte 32 Einw. je qkm 2001
Arbeitslosenquote 13,7 % 2000
Bruttoinlandsprodukt (BIP) 5035 Mill.US-$ 2000
Jährliches BIP-Wachstum (real) 6,9 % 2000
BIP je Einwohner (real) 3279 US-$ 2000
Inflationsrate 5,8 % 2001
Importe 5055 Mill.US-$ 2000
Exporte 3828 Mill.US-$ 2000
Saldo der Im- und Exporte -1227 Mill.US-$ 2000
PKW-Dichte 333 je 1000 Einw. 2000
Personal-Computer 182 je 1000 Einw. 2001
bild

Einwohner
1 439 197 (01.01.2000)
Hauptstadt
Tallinn (Reval)
Klima
Gemäßigtes Klima, aber mit beträchtlichen Temperaturvariationen. Der Sommer ist warm mit relativ mildem Wetter im Frühling und im Herbst. Der von November bis Mitte März dauernde Winter kann sehr kalt sein. Regenfälle sind übers ganze Jahr verteilt mit einem Maximum im August. Kräftige Schneefälle sind normal im Winter.