The imposition of forced administration on Investicni a postovni banka, the Czech Republic’s third-largest bank, on June 16 and the bank’s immediate takeover by Ceskoslovenska Obchodni Banka, is significant far beyond the change it brings to the Czech banking sector. It also represents a milestone in Czech politics, as the last major bastion of cronyism between banks and politicians and political parties has come crashing down.
Despite the likely burden it will place on the taxpayer, it may be the most positive development in economics or politics over the past decade.
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