Ülevaade eesti majanduse buumiaastatest kättesaadava laenuraha toel, majandusmulli lõhkemisest ning järgnenud kriisist.

The last years have been a crazy credit party all over the Western world. Consumers have borrowed against the increase in value in their homes and then spent the cash, reducing savings to ever lower levels. This in turn has spawned shopping malls, restaurants and everything else that is growing due to buoyant personal spending. As a result new jobs have been created, making people confident that they can borrow even more. So Estonia is by no means unique. But just as Sweden was worst of the worst in the late 80s we fear Estonia is worst of the worst today.

Hard landing is the inside story of the amazing Estonian economic miracle – a fairy tale of our time – and what went wrong. As so many times befores in history no one wants to acknowledge the obvious symptoms of a bubble, why worry when the party is so much fun and all curves are pointing upwards? There is a terrifying resemblance to the boom years in Sweden in the last 80s. If this parallel continues Estonia will have some very tough years ahead.