In recent weeks and months there has been a deluge of articles speculating about the possible scenarios for the escalation of the current crisis and their impact on states, companies and citizens. The common trait of all these forecasts is that they are based on unknown circumstances such as the breakup of the eurozone, demise of the euro and bankruptcy of EU-member states.    

Czech President Václav Klaus has hit back  at reports he offended the Greek prime minister with comments about  ouzo drinkers and people sitting in the shade of cypress trees who should not be allowed into a currency union with Germany. The Czech head of state argues that the words were not directly aimed at Greece. The text from the original newspaper interview suggests otherwise.

After beating around the bush, Czech Finance Minister Miroslav Kalousek (TOP 09) blunty declared in a radio interview that debt-burdened Greece will have to declare bankruptcy. Kalousek said the only questions that needed answers were when, at what cost and with what consequences for other countries. The Czech minister’s declaration came in the middle of an EU summit trying to save Greece from bankruptcy.

Emerging from the meeting of EU finance ministers in Luxemburg on Monday, Czech Finance Minister Miroslav Kalousek (TOP 09) told reporters that as a part of the European Financial Stability Mechanism (EFSM), of which all the EU member states are members, the Czech Republic may be obliged to contribute Kč 3.5 billion towards guarantees for a second Greek bailout package.