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In page Economy of Estonia:
"In early 1992, both liquidity problems and structural weakness stemming from the communist era precipitated a banking crisis. As a result, effective bankruptcy legislation was enacted and privately owned; well-managed banks emerged as market leaders.[citation needed]. The fully electronic Tallinn Stock Exchange opened in early 1996, and was purchased by Finland's Helsinki Stock Exchange in 2001. Estonia joined the World Trade Organization in 1999.