On January 1, 1993, the nation of Czechoslovakia peacefully split into two new countries, the Czech Republic and Slovakia. Czechoslovakia was created from the remains of the Austro-Hungarian Empire in central Europe at the end of World War I. Following World War II, the communist government of Czechoslovakia became part of the Soviet-led "Eastern Bloc." In 1989, a non-violent uprising known as the Velvet Revolution overthrew the country's established leadership.
In 1993, Czechoslovakia's currency, the koruna, was divided into the Czech koruna and the Slovak koruna. (Slovakia adopted the euro in 2009, while the Czech koruna is still the unit of currency in the Czech Republic.) Gold, military, and transportation assets were divided in a 2-to-1 ratio, reflecting the Czech Republic's larger population. Like the revolution that came before it, the split into two countries happened without violence and is referred to as the "Velvet Divorce"—the most peaceful of the post-Communist break-ups.
Term Part of Speech Definition Encyclopedic Entry currency Noun
money or other resource that can be used to buy goods and services.
Eastern Bloc Noun
(1945-1989) states and nations in central and eastern Europe under the sphere of influence of the Soviet Union.
unit of currency of the European Union.
political unit made of people who share a common territory.
Encyclopedic Entry: nation revolution Noun
overthrow or total change of government.