Prague Congress Center faces bankruptcy

The Prague Congress Center may have made a “profit” of CZK70m last year, but that’s not helping it pay off the 2 billion or so it owes on the reconstruction carried out back in 2000. If it doesn’t come up with €3.3m by April, bankruptcy will likely to be declared. Sort of ironic that the city went into debt to reconstruct the building so that the World Bank and the IMF could come to Prague and talk about the magic of global finance.

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3 responses to “Prague Congress Center faces bankruptcy

  1. It’s unfortunate to see (or hear) about the financial struggles that countries around the world are experiencing. I think if anything, everyone can agree that greedy banks are to blame!

  2. Hugh G Reaction

    I do not think in this instance it is the ‘greedy’ banks that are at fault. The Congress Centre was reconstructed in 2000 which is 10n years ago and they cannot afford the repayments – this is perhaps to do with a poor business strategy….

  3. Pingback: Prague’s Congress Center (still) drowning in debt | CIJ Blog

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