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The Estonian government has quickly privatized more than 90 percent of its industrial and manufacturing enterprises. The Estonian privatization agency batches 30-40 firms and advertises them for sale. The prime goal is to find "real owners" capable of running a durable, productive firm. Purchase offers are judged not only on price, but also on the quality of business plans submitted. In 17 sales, the Estonians have combined strategic investment...
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