07 května 2009

7/5 Gloom - Czech republic

In last week's Prophet of 1 May, we showed scary IMF numbers that, for example, showed that the Czech Republic owed more than double its level of FX reserves, in short-term external debt payments due in the next 12 months. This implied that if the Czech Republic could not rollover its external debt, then it would be bankrupt in 6 months. We noted that our data suggested a much better ratio, which would suggest the Czechs could last a year even if no debt could be rolled over.

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