The Sbrebrenica massacre in Bosnia was one of the bloodiest episodes in the war that followed the breakup of Yugoslavia. However, one country further north proved a national divorce can be smooth. In 1993 Czechoslovakia split into the Czech Republic and Slovakia.

If Scotland says yes to independence in Thursday’s referendum, there might be a lesson to learn from the amicable split of Czechoslovakia on Jan. 1, 1993. It was as peaceful and smooth as the 1989 Velvet Revolution that threw off oppressive communist rule in Czechoslovakia, and is considered a success even by its opponents.

Right now, Scotland and London can’t agree on dividing their assets and liabilities. The independence camp wants to continue using the UK pound. London says it’s out of the question if an independent Scotland won’t assume some liability for the Bank of England debts.

CURRENCY

Slovaks wanted to keep the common currency but differences in their economies meant that the monetary union collapsed after just five weeks. After Feb. 8, people had four days to place all their money in the banks and Czech or Slovak government stamps were placed on the banknotes. The entire operation went smoothly and is now considered an example to follow.

STATE ATTRIBUTIONS

The national flag became a minor issue after the Czech Republic decided to continue using the flag of Czechoslovakia. The national anthems were less problematic: the stanza in Czech from the federal anthem became the Czech national anthem and Slovaks took the Slovak part, to which they added one more stanza. The federal coat of arms was used in the same way: the lion now forms the Czech one while Slovakia, a Roman Catholic stronghold, retained its double cross.

OUTCOME

Vaclav Havel, a dissident playwright who led the anti-communist Velvet Revolution, initially was opposed to the separation and resigned as the country’s president in July 1992, but acknowledged ten years later that “it is a good thing that it happened. Czechs and Slovaks may be closer today than ever before.” Today, both countries have good relations and are close allies in the borderless E.U. and NATO.

The economic disaster predicted by many for Slovakia didn’t come. After wasting several years under authoritarian Prime Minister Vladimir Meciar, it made free-market reforms to become the E.U.’s fastest growing economy and adopted the euro in 2009. The more Euroskeptic Czechs don’t have it yet.

Iain Murray, the Vice President of Strategy at the Competitive Enterprise Institute, joins the show to explain the implications of the vote and why it’s important for the United Kingdom stay together.

Report compiled with information from The Associated Press.