European Commissioner for Economic and Monetary Affairs Olli Rehn said Estonia's 2011 eurozone entry is not a sure thing even though the Baltic state meets all the current Maastrict criteria.

TALLINN — Olli Rehn, European Commissioner for Economic and Monetary Affairs said Wednesday that Estonia’s euro adoption in 2011 remains uncertain despite the country’s low government deficit and government debt stay under Maastricht criteria.

Rehn’s statement comes as market analysts speculate that Greece’s troubles will prompt Brussels to further tighten the Maastricht criteria for eurozone entry and the Fitch ratings agency questions whether Estonia’s painful fiscal consolidation measures done for Maastricht’s sake are sustainable.

According to Rehn, the European Commission will evaluate the [private_supervisor]newcomer’s budget and inflation figures very carefully and Estonia’s improvement in the fiscal consolidation area may not be enough to qualify.

Eurozone accession has been a long-term goal for Estonian government and is reflected in the 2010 national budget. The government implemented many unpopular cuts and tax hikes to keep the deficit level below the limit imposed by the Maastricht criteria. Estonia’s deficit of -1.7 percent of gross national product is the third lowest on in the European Union, and its 7.2 percent ratio of government debt to GDP was the lowest in the 27 member state bloc.

“We have already mentioned the risk that the sustainability issue  may give rise to in this respect,” Rehn, who hails from Finland, told the media. “We believe that especially the German government and the Bundesbank would be very skeptical about any euro enlargement.”

Eurozone finance ministers will make their final decision on Estonia’s entry in July. [/private_supervisor] [private_subscription 1 month]newcomer’s budget and inflation figures very carefully and Estonia’s improvement in the fiscal consolidation area may not be enough to qualify.

Eurozone accession has been a long-term goal for Estonian government and is reflected in the 2010 national budget. The government implemented many unpopular cuts and tax hikes to keep the deficit level below the limit imposed by the Maastricht criteria. Estonia’s deficit of -1.7 percent of gross national product is the third lowest on in the European Union, and its 7.2 percent ratio of government debt to GDP was the lowest in the 27 member state bloc.

“We have already mentioned the risk that the sustainability issue may give rise to in this respect,” Rehn, who hails from Finland, told the media. “We believe that especially the German government and the Bundesbank would be very skeptical about any euro enlargement.”

Eurozone finance ministers will make their final decision on Estonia’s entry in July. [/private_subscription 1 month] [private_subscription 4 months]newcomer’s budget and inflation figures very carefully and Estonia’s improvement in the fiscal consolidation area may not be enough to qualify.

Eurozone accession has been a long-term goal for Estonian government and is reflected in the 2010 national budget. The government implemented many unpopular cuts and tax hikes to keep the deficit level below the limit imposed by the Maastricht criteria. Estonia’s deficit of -1.7 percent of gross national product is the third lowest on in the European Union, and its 7.2 percent ratio of government debt to GDP was the lowest in the 27 member state bloc.

“We have already mentioned the risk that the sustainability issue may give rise to in this respect,” Rehn, who hails from Finland, told the media. “We believe that especially the German government and the Bundesbank would be very skeptical about any euro enlargement.”

Eurozone finance ministers will make their final decision on Estonia’s entry in July. [/private_subscription 4 months] [private_subscription 1 year]newcomer’s budget and inflation figures very carefully and Estonia’s improvement in the fiscal consolidation area may not be enough to qualify.

Eurozone accession has been a long-term goal for Estonian government and is reflected in the 2010 national budget. The government implemented many unpopular cuts and tax hikes to keep the deficit level below the limit imposed by the Maastricht criteria. Estonia’s deficit of -1.7 percent of gross national product is the third lowest on in the European Union, and its 7.2 percent ratio of government debt to GDP was the lowest in the 27 member state bloc.

“We have already mentioned the risk that the sustainability issue may give rise to in this respect,” Rehn, who hails from Finland, told the media. “We believe that especially the German government and the Bundesbank would be very skeptical about any euro enlargement.”

Eurozone finance ministers will make their final decision on Estonia’s entry in July. [/private_subscription 1 year]

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