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Dublin: 9 °C Monday 21 April, 2014

“Stay out of the eurozone”, top Austrian banker tells Czechs

“The Czech Republic now finds itself in a good situation. It has its own currency and its own monetary policy,” said Andreas Treichl.

Andreas Treichl
Andreas Treichl
Image: Hans Punz/AP/Press Association Images

ANDREAS TREICHL, THE chief executive of Austria’s regional heavyweight Erste Bank, has recommended the Czech Republic stay out of the crisis-struck eurozone until its escalating debt woes are resolved.

“The Czech Republic now finds itself in a good situation. It has its own currency and its own monetary policy,” Treichl told the Czech Hospodarske Noviny daily newspaper on Wednesday.

“If the Czech Republic pursues the path it’s chosen, three or four years from now it will be one of the best investment destinations,” he said.

Treichl also noted that instead of drawing closer, eurozone states have grown apart in recent years in terms of their economic development.

“If this tendency continues, don’t join the eurozone,” he warned.

Erste Bank, Austria’s biggest lender and a specialist in Eastern Europe said Tuesday its second quarter net profit had tumbled 46 per cent as problems in Hungary and Romania hit home.

- © AFP, 2012

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