Czech financial sector’s direct exposition to Greece is negligible, said Czech National Bank board’s member Lubomír Lízal, who represents the bank at the annual general meeting of the Bank for International Settlements in Basel. He has added that CR faces no direct consequences. According to Mr. Lízal, the stress tests have proven that the Czech financial sector is resistant and banks and financial institutions are able to deal with significantly more unfavourable development than the possible consequences of the events in Greece. Indirect effects may affect the Czech economy only secondarily through the euro area, but the economy and the financial sector in the euro area are in better condition that when the crisis peaked.
Source: www.cianews.cz
