Word: czechs
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Dates: during 2000-2009
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Performance artist MILAN KOHOUT talks about his work with the Roma people (Gypsies) of the Czech Republic at 7 p.m. on Monday, Dec. 11, at Mobius, 354 Congress St., Boston. For more information, call...
...resulted from the inexperience of Czech bankers and a misguided semiprivatization in which a percentage of shares in leading banks was distributed to citizens through vouchers. That approach produced a deadly cocktail of limited accountability and poor lending practices. The recent spate of bank sell-offs promises to minimize new losses. "This is the end of crony capitalism," says Pavel Kavanek, CEO of the recently privatized Czechoslovak Commercial Bank (CSOB). "The name of the game now is impartial lending." A majority stake in CSOB was sold to Belgium's KBC Bank in mid-1999 for roughly $1 billion. Last February...
...investment bank, which resold its shares to a passive Dutch shareholder. At no point did the bank have a strategic investor to oversee its conduct. Depositors panicked last June and took out some $440 million in deposits in just three days. On June 16, two dozen members of the Czech antiterrorist police, wielding submachine guns, took over the bank's downtown headquarters at the government's behest and sent management packing...
Since the collapse of Communism, capitalism has had an uneven triumph in the republics of Central and Eastern Europe. In the Czech Republic, which became an independent nation in 1993 after Slovakia broke away, not much changed for years, despite partial privatization of state enterprises. State-owned banks, very slow to privatize, doled out credit without much supervision, and old-fashioned state enterprises dominated the wheezing economy. One result: a three-year contraction of GDP from 1997 through...
Things quit working in December 1998, when the top management at Czech Savings (CS), the country's third biggest bank, said it would go broke in 14 days if the state didn't prop it up. The price tag: at least $100 million. The top bankers were fired, and the government decided to sell all its banks, and fast. The new strategy was too late to spare taxpayers more than $5.1 billion in losses for shoring up the banking sector over the past decade...