Colosseum a.s. (Colosseum a.s.)
Markets  |  March 11, 2013 16:51:28

Zeman's signature ESM can seriously destabilize public finances

ColosseumPresident Milos Zeman announced that ratifies a change of the Lisbon Treaty, which allows the creation of the European Stability Mechanism (ESM), despite its rejection of the electoral campaign. ESM, also called euroval means unlimited commitment of the Czech state budget. The current size of the ESM's € 500 billion (12.5 trillion dollars). That would be the Czech Republic seemed to share CZK 350 billion, which is nearly a third of the state budget. Already in the summer of last year, speculated on the need to increase ESM doubled. The capital increases made by the bodies ESM and the Czech Republic in them will not have a veto. Václav Klaus euroval last December called "for the monstrous, horrible thing" that will not sign. ESM but began to function without the consent of the Czech Republic with the change of EU primary law.The ESM will be valid for the Czech Republic, as since the adoption of the euro, which the Czech Republic has committed to a referendum on joining the EU. Costs associated with ESM is necessary to include in the total cost associated with entry into the eurozone. Indebted eurozone countries reached in the first quarter of last year, 70 billion CZK per day. If the debt to continue at the same pace, it would CZK 350 billion euro crash delayed by 5 days.

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Zemanův podpis ESM může vážně destabilizovat veřejné finance

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