Word: czech
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...course, not all Eastern European economies are the same. If we consider the Czech Republic, Poland, and Hungary, it becomes clear that the last has taken much more debt from foreign markets—in a way that may have been problematic even without a global economic crisis. But, in the current scenario, investors that had previously been attracted to the generous interest rates of the region have fled as fast as possible. And very few remain, making it very hard for these countries to roll over debt or put in place counter-cyclical measures to ease the effects...
...across Eastern Europe, few people have time to be ponder such facts. The Polish zloty has lost a third of its value against the euro in just a few months, but that has not made its exports more competitive, since they have plunged along with global economic trade. The Czech Republic, arguably one of the most respectable governments in the region, has seen its prime minister resign right in the middle of its European Union presidency—what was a time to shine internationally has become a time for embarrassment as the Parliament looks for a new coalition leader...
...Czech Republic, Hungary, and Poland are all scheduled to go ahead with a rather long process of monetary convergence in order to join the euro, overseen by the ECB. But, as it turns out, the current crisis renders impossible many of the conditions implicit in the plan, particularly when it comes to fiscal balance (which everyone is throwing by the wayside) and indebtedness (which has been a problem for a long time in the region). The problem is significant because, if things continue deteriorating, it may pull the region farther and farther away from Europe, in a way that could...
...Obama’s speech quickly converted thousands in the crowd, and presumably thousands of others who watched or listened to broadcasts, into his latest believers. He has become a global force, reassuring for the future while skillfully appealing to the past. Famed former Czech President Vaclav Havel, who met with Obama afterward, warned him of the risks of becoming so popular as to create impossible expectations. Yet, for now, Obama has exceeded the expectations of yet another foreign nation, leaving even President Vaclav Klaus somewhat overwhelmed in his wake. Klaus told the media the speech...
...Thanks to Obama’s successful visit, the Czech Republic now knows the caliber of leader with whom they will be working. But the world should no longer be surprised by Obama’s grace and dignity or his constant, effortless self-awareness. Obama could walk into almost any room of strangers and produce that sort of result. Perhaps the most important message of his speech was this: that the United States is back as a robust political force, and the dynamism of its leader cannot be ignored...