Fear of another downturn in the world economy lurks behind the smiles and relaxed atmosphere; the Czech Republic is heavily reliant on exports to the euro zone, especially Germany, for its economic growth.
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Martin Tlapa, Deputy Minister, Ministry of Industry and Trade of the Czech Republic told CNBC.com in an interview in Prague that the "safe haven" label looks rather scary for a small, open economy that needs a stable exchange rate to function properly.
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With the Swiss National Bank setting a ceiling for the Swiss franc's appreciation against the euro, the need for new safe havens has become acute, and the Czech Republic, with its strong economy and stable currency, is emerging as a contender.
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S&P recently lifted the Czech Republic's debt two notches, citing low debt levels and a balanced economy. Vaclav Klaus, Czech Republic President, weighs in.
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