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Estonian report Estonian report
by Euro Reporter
2011-10-24 07:10:52
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Estonian producer price inflation eases

Estonia's producer price inflation slowed in September, data released by Statistics Estonia showed Thursday. The producer price index increased 3.7 percent year-on-year in September, slower than the 4.1 percent growth recorded in August.

Prices in the manufacturing sector grew 4 percent on an annual basis, while mining prices edged down 0.6 percent. There was a 2.5 percent annual growth in mining prices during the month.  Month-on-month, output prices were flat in September, the agency said.

At the same time, the export price index climbed 9.1 percent annually in September, while month-on-month, they edged down 0.1 percent. Import prices advanced 11.6 percent year-on-year. On a monthly basis, import prices dropped 0.2 percent during the month.


Estonia opposes boosting Euro bailout fund, premier Ansip says

Estonia opposes further increasing the size of Europe’s temporary rescue fund and wants the “maximum” involvement of private companies in recapitalizing banks, Prime Minister Andrus Ansip said. Estonia expects private companies to bear the brunt of costs of any bank recapitalization, followed by the involved member states with Europe-wide measures as a backstop, Ansip told a news conference today in the capital, Tallinn.

European leaders, who will meet at an Oct. 23 summit, are seeking ways to maximize the firepower of the 440 billion-euro ($608 billion) European Financial Stability Facility as the region’s debt crisis threatens Italy and Spain. One mode being discussed allows Europe to boost the fund’s scope by using it to insure only a portion of national bond sales.

“Estonia’s position unambiguously states that we don’t agree with increasing the size of the” fund’s “guarantees, while we do agree to leverage its funds,” Ansip said. “I’m convinced that the readiness of the majority of eurozone member states to give additional guarantees has by now been depleted.”  A majority of Estonians oppose the country’s involvement in the bailout fund, which has channelled aid to Ireland and Portugal, according to a poll published by Tallinn-based research company Turu-Uuringute AS on Oct. 13. Fifty-eight percent of respondents said the country, which adopted the euro this year, shouldn’t guarantee EFSF loans, it said.


Soviet Estonians stashed love notes to Cuba in potato boxes

Soviet-era Estonian farmers ordered to send potatoes to communist ally Cuba took advantage to stash love notes in the shipments, but never got an answer, a newspaper reported Friday. "In the spring of 1961, our Soviet collective farm got an order to pack all the potatoes we had left and prepare them to be sent to Cuba," Hans Uba, who worked as an electrician at the time, was quoted as saying by the weekly Maaleht.

Dreaming of warmer climes than their Baltic homeland and of Latin charms, the farm workers decided to break with the language of Marxist solidarity and penned cheeky messages in rudimentary Spanish -- two years after the start of the Cuban revolution under Fidel Castro. "We wrote things like 'besame mucho'," said Uba, using the Spanish for "kiss me loads".

"But nobody ever replied," he added. Estonia, a nation of 1.3 million, was taken over by the Soviet Union during World War II and only regained independence in 1991 as communist rule finally crumbled in Europe.

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