Estonia: it is not possible to generate something out of nothing. Any attempt to do so results in an economic disaster.

Why Estonia Is Beating the Eurozone

by Frank Shostak

Against the background of a severe economic crisis in the eurozone, one is surprised to find a member of the euro area that is actually showing good economic performance. This member is Estonia. In terms of so-called real gross domestic product (GDP) the average yearly rate of growth in Estonia stood at 8.4 percent in 2011 against overall eurozone performance of 1.5 percent. So far in 2012 the average yearly growth stood at 2.8 percent in Estonia versus -0.2 percent in the eurozone.

.................

Read more: mises.org