Ah, those Estonians

Tiny Estonia could and does serve as an example for many EU member countries. Recent Eurostat data shows that it was the country with the smallest deficit in 2013, just 0.3% of its GDP. In comparison, Spain accumulated 10.6% of new deficit for last year alone.

There's a lot of hard work behind these results. Everything started in the 90s when Estonia had to rebuild its economy from scratch. They restructured their entire currency system, and adopted a balanced budget and a low-debt policy. It took them a lot of effort to sustain that, but they managed to keep their financial system stable to this very day, even through the period of global crisis.

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