Economic Crisis in Eastern Europe

29 January 2009 by Marc in Europe | Permalink

ESTONIA: The U.S. economic crisis continues its rampage across the rest of the world. In Estonia, Latvia, and other Eastern European counties the problems are amplified by already shaky economic systems. Despite millions coming in from the EU and government retraining programs, many citizens are without jobs and without hopes.

Adopting the Euro is the top priority for many of these countries. But to do so they must have a more stable system and larger cash reserves. Countries like Russia have also raised tariffs on exported raw materials, making life even harder for Eastern European companies.