Word: czechoslovakia
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...CZECHOSLOVAKIA. Prague began shock treatment a year later than Poland, prodded by zealous free marketeers, especially Finance Minister Vaclav Klaus. Inflation, which totaled 60% for all 1991, now runs 1% to 1.5% a month, which in Eastern Europe passes for price stability, and the country has the lowest foreign debt of all the former satellites...
...good news. Like Poland, Czechoslovakia has been hit hard by the collapse of Comecon, the economic organization of the former Soviet bloc. Exports to Russia and other once communist countries have shriveled faster than new markets can be developed in the West, and imports of Russian oil now have to be paid for in scarce hard currency. Czechoslovak production fell 16% last year; unemployment, officially zero under communism, has risen to 8% and is certain to go higher, bringing some of the same calls heard in Poland for pumping more money into sick state enterprises...
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