Euro Survival Needs Austerity for Growth, Estonia Says

The European Union should implement austerity as a means of firing economic expansion and not view the two ideas as mutually exclusive, said the president of Estonia, which grew at the bloc’s quickest pace last year after slashing spending.

“You can achieve growth through austerity. Estonia has done that,” President Toomas Ilves said today in an interview in the capital, Tallinn. “Growth policy -- that doesn’t make sense to me.”