Czechs and an unfair attack

While Czech media are still dealing with the rescue package, it has become quite windy outside. The direct and indirect impacts of what is now going on in central and eastern European markets will be incomparably stronger than the rescue plan introduced by the government and its anti-crisis council NERV. The proposals that the cabinet is presenting to the lower house look like a little beetle on a dusty road where a tractor or a steamroller is going to pass soon.

Given the fact that the turbulence in central and eastern Europe has even spread to US stock exchanges (it occupies the front pages in the world media), heavyweights such as Bob Zoelick, head of the World Bank who called on the European Union to rescue central and eastern Europe (CEE), have stepped in.

At the same time, a coordination plan is being prepared by the World Bank, the International Monetary Fund and the European Bank for Reconstruction and Development (EBRD), and unusual activity is coming from the Austrian government whose banks have lent out 75% of the country's GDP „to the east“. How much can a rescue package for central and eastern Europe cost? There are rumours that EUR 200 billion could be needed for debt refinancing and a further CZK 150 billion for the recapitalisation of banks. And that does not include Russia because only 20% of the Russian banking sector is controlled foreign capital.

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The Czechs are angry. How…