According to Reuters, although some Czech Banks might suffer losses, overall the Czech bank system should be able to “withstand all projected scenarios.” The reason for Czech banks’ ability to survive the current international recession without bailout or collapse is the “country’s high levels of savings, high capital adequacy, very small holdings of toxic assets and small borrowing in foreign currencies.” (http://www.guardian.co.uk/business/feedarticle/8560688)
Unfortunately, this good news for the banks does not extend to the manufacturing sector in the Czech Republic where unemployment has currently risen by 20,064 job seekers since February. That is a 112,615 increase in job seekers from this same time, March 31, last year.
On a lighter note but along the same vein of responses to the current economic climate, the Czech Center Museum Houston is seeing some good headway on the Annex Building located directly behind us at 4917 Fannin. Just this morning Merck Construction came to install a new ceiling, which will embellish the overall look of the interior. We are almost there!
The Center purchased the property for future expansion however in the meantime must find a more productive use for the property. It was proposed to and approved by the Board of Directors to use the building to establish an upscale antiques, vintage, new and used retail shop. Many have said how apropos this is to the present economic times.
We are of course dependent on donations for our inventory, so if you have any collectibles, china, pottery, antiques, select clothes, jewelry, books, toys, household items, tools, yard and garden furniture or tools in good condition do let us know. Upon doing this, an IRS document will be forwarded to you.
Keep checking back for pictures so that you can see our progress (unfortunately I forgot my camera today…).