Estonian Prime Minister Andrus Ansip
Credit Crunch

Swedish Banks: "A Help for Estonia"

Swedish banks aren’t to blame for the Baltic region’s economic troubles.

That’s the judgement of Estonian Prime Minister Andrus Ansip. Speaking to Swedish news agency TT he says the Swedish banks have been responsible in their actions in his country. The Estonian economy is predicted to shrink by up to 9 percent this year, and some have accused the many Swedish banks established in the country of causing a property bubble, which then burst.

But the Prime Minister blames the troubles on the people that took out the cheap mortgages, not the banks. Instead Ansip says he wants to thank the Swedish banks for being a trustworthy help, and a big help to Estonia.

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