John Osullivan

Boarding the sinking ship

How Obama drove central and eastern Europe towards the eurozone – at the worst possible time

issue 12 May 2012

How Obama drove central and eastern Europe towards the eurozone – at the worst possible time

On 1 January last year, while the euro was staggering drunkenly across the exchanges, the Baltic republic of Estonia joined the single currency. It was like watching a sturdy little lifeboat ferrying new passengers determinedly towards the Titanic after the ship had struck the iceberg.

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