Estonia, Soon to Join the Euro, Sees Little Risk of Contagion From Ireland

Estonian Finance Minister Jurgen Ligi said Ireland’s debt problems are unlikely to spread to other European countries.

“I don’t see contagion as a concern because those in trouble have created their own problems, although of course this atmosphere is reinforcing itself,” Ligi said in an interview today in Brussels before a meeting of euro-area finance ministers. “Ireland’s fundamental problems are not as serious as those of some others.”

A deal on aid for Ireland can “probably” be reached today, said Ligi, who is attending today’s meeting as his country prepares to join the euro area at the start of next year. “A system for rescuing countries has been created, and readiness is there in the sense that doubts about the need for it have been dispersed,” he said.

To contact the reporter on this story: Ott Ummelas in Tallinn at oummelas@bloomberg.net

To contact the editor responsible for this story: Willy Morris at wmorris@bloomberg.net

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