The crisis of the Euro is not a Greek crisis... it is a German one.
We are told, incessantly, that the crisis is a question of German tolerance for the lazy, un-German economies like Ireland, Spain and Greece. But actually, the issue is the fact that German (and French) banks funded borrowing in those countries in a way that they would not have done at home.
So as Estonia, in common with the rest of the Euro-zone, signs off on a deal that doubles the national debt of the country, we should recognize that this is not a deal to rescue Greece: it is a deal to rescue the German banks.
Estonia, with a GDP per capita less than one third of Germany is handing over 10% of its GDP to rescue the imprudent lending of German financial institutions.
That is wrong.
If the Germans don't want to be rescued by their poorer neighbours, now, would be the perfect time to say so.
In my view the membership of the the Eurozone is already too expensive for the country I came to in order to escape the crushing national debt of the UK. Sure, if the Estonian Kroon had continued as a free currency it would now be trading at a big premium to the Euro, however there is still something morally wrong to see the huge transfer of wealth from Estonia to Germany.