Sakari Suoninen

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Greek central bank sees euro zone of 16, ignores newbie Estonia

November 22, 2012


For the Bank of Greece, the euro zone is a bloc of 16 members, rather than the full complement of 17. Although many analysts have tipped  Greece, in the throes of a long recession, to be the first to leave the currency union, it is tiny Estonia that Greece can live without, at least according to the central bank’s website.

Estonia, which joined the euro zone at the beginning of last year, seems to have completely slipped by the Hellenic central bank, even though Estonian governor Ardo Hansson has the same, single vote on the European Central Bank‘s Governing Council as its own George Provopoulos, or even German Jens Weidmann.

“Today the euro area comprises 16 countries: Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain,” the Bank of Greece says on its website.

For extra effect, there is also a map, which shows Estonia outside the currency union, but at least in the 27-country European Union. The Baltic country exiting the euro would defy expectations. There has been talk of a Grexit, a Quitaly, or even a Fixit, but until now, no Eexit.


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  • About Sakari

    "I am part of the Reuters team covering the European Central Bank. Before moving to Frankfurt in early 2009, I was based in Helsinki, where I wrote about the Finnish economy and paper industry."
    Joined Reuters:
    Finnish, English, German, Swedish
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