We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Andreas Treichl Hans Punz/AP/Press Association Images
friendly advice

"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, 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

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Your Voice
Readers Comments
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.