{"id":16228,"date":"2026-03-06T15:03:09","date_gmt":"2026-03-06T15:03:09","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/16228\/"},"modified":"2026-03-06T15:03:09","modified_gmt":"2026-03-06T15:03:09","slug":"cesky-dluh-uz-zdrazuje-a-nejen-kvuli-iranu-babis-se-musi-mit-na-pozoru","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/16228\/","title":{"rendered":"\u010cesk\u00fd dluh u\u017e zdra\u017euje a\u00a0nejen kv\u016fli \u00cdr\u00e1nu. Babi\u0161 se mus\u00ed m\u00edt na pozoru"},"content":{"rendered":"

P\u016fj\u010dov\u00e1n\u00ed pen\u011bz je pro st\u00e1t jako \u010cesko ot\u00e1zkou rutinn\u00edho provozu, pro dluhov\u00e9 pen\u00edze si chod\u00edme po tro\u0161k\u00e1ch obvykle p\u011btkr\u00e1t a\u017e desetkr\u00e1t za m\u011bs\u00edc. Nejbli\u017e\u0161\u00ed takov\u00e1 zkou\u0161ka je napl\u00e1novan\u00e1 na p\u0159\u00ed\u0161t\u00ed st\u0159edu.<\/p>\n

P\u016fjde o\u00a0prvn\u00ed emisi st\u00e1tn\u00edch dluhopis\u016f od izraelsk\u00fdch a\u00a0americk\u00fdch n\u00e1let\u016f na \u00cdr\u00e1n. Shodou okolnost\u00ed jde o\u00a0desetilet\u00e9 dluhopisy, pova\u017eovan\u00e9 za nejsledovan\u011bj\u0161\u00ed. D\u00e1 se tedy \u010dekat zaj\u00edmav\u00e1 pod\u00edvan\u00e1. Mo\u017en\u00e1 i\u00a0k\u0159est ohn\u011bm.<\/p>\n

N\u00e1lada mezi glob\u00e1ln\u00edmi investory toti\u017e nen\u00ed nejvl\u00eddn\u011bj\u0161\u00ed. \u00darok za nov\u00fd \u010desk\u00fd dluh vzejde z\u00a0aukce, se star\u0161\u00edmi st\u00e1tn\u00edmi pap\u00edry u\u017e se ale voln\u011b obchoduje a\u00a0sazby stoupaj\u00ed. Je skoro jist\u00e9, \u017ee \u010cesko\u00a0\u2013\u00a0stejn\u011b jako jin\u00ed dlu\u017en\u00edci\u00a0\u2013\u00a0bude muset p\u0159iplatit.<\/p>\n

Vyvol\u00e1vac\u00ed cena na st\u0159edu \u010din\u00ed podle emisn\u00edho kalend\u00e1\u0159e Ministerstva financ\u00ed 4,25\u00a0%. Jen\u017ee trhy cht\u011bj\u00ed v\u00edc. Na sekund\u00e1rn\u00edm trhu, kde si banky a\u00a0jin\u00ed investo\u0159i vym\u011b\u0148uj\u00ed stejn\u00e9 cenn\u00e9 pap\u00edry star\u0161\u00edho data, \u00farok tento t\u00fdden stoupl u\u00a0desetilet\u00fdch pap\u00edr\u016f z\u00a04,3\u00a0skoro na 4,7\u00a0%. Co\u017e\u00a0\u2013\u00a0jak v\u00ed ka\u017ed\u00fd \u017eadatel o\u00a0hypot\u00e9ku\u00a0\u2013\u00a0v\u016fbec nen\u00ed mal\u00fd skok.<\/p>\n

\u00daroky\u00a0\u2013\u00a0neboli v\u00fdnosy\u00a0\u2013 u\u00a0st\u00e1tn\u00edch dluhopis\u016f jsou nejv\u00fd\u0161 od energetick\u00e9 krize. I\u00a0te\u010f je bezprost\u0159edn\u00ed p\u0159\u00ed\u010dinou dra\u017e\u0161\u00edch pen\u011bz nervozita na trz\u00edch, rostouc\u00ed geopolitick\u00e1 nejistota a\u00a0zjevn\u00e9 riziko vy\u0161\u0161\u00ed inflace a\u00a0slab\u0161\u00edho r\u016fstu. To v\u0161e zved\u00e1 dluhov\u00e9 n\u00e1klady nejen pro \u010cesko, ale pro v\u011bt\u0161inu st\u00e1t\u016f sv\u011bta.<\/p>\n

Foto: Trading Economics, Seznam Zpr\u00e1vy<\/p>\n

V\u00fdnosy desetilet\u00fdch st\u00e1tn\u00edch dluhopis\u016f \u010cR (Zdroj: Trading Economics)<\/p>\n

M\u011blo by j\u00edt o\u00a0memento, kdy\u017e pr\u00e1v\u011b te\u010f vrchol\u00ed schvalov\u00e1n\u00ed prvn\u00edho st\u00e1tn\u00edho rozpo\u010dtu nov\u00e9 vl\u00e1dy. Ale bohu\u017eel zat\u00edm nen\u00ed. \u010cesko se po letech \u00fasporn\u00fdch snah otev\u0159en\u011b vrac\u00ed k\u00a0voln\u011bj\u0161\u00edmu utr\u00e1cen\u00ed. Deficit proti lo\u0148sku stoup\u00e1, z\u00e1konn\u00e9 limity vzala voda<\/a>. <\/p>\n

Nov\u00e1 vl\u00e1da se sna\u017e\u00ed budit dojem, \u017ee dluh zvl\u00e1dne a\u00a0\u017ee se nikdo nemus\u00ed b\u00e1t. V\u00a0sou\u010dasn\u00e9 dob\u011b je to ale velmi nebezpe\u010dn\u00e1 nab\u00eddka. \u010c\u00edm je dluh dra\u017e\u0161\u00ed, t\u00edm v\u011bt\u0161\u00ed jsou n\u00e1roky na to, jak se s\u00a0vyp\u016fj\u010den\u00fdmi pen\u011bzi nalo\u017e\u00ed. Chyby se vr\u00e1t\u00ed i\u00a0s\u00a0\u2013\u00a0vy\u0161\u0161\u00edmi\u00a0\u2013\u00a0\u00faroky, cena za neproduktivn\u00ed populismus roste.<\/p>\n

\u201e\u00cdr\u00e1nsk\u00e1\u201c p\u0159ir\u00e1\u017eka m\u016f\u017ee odezn\u00edt, ale nejde jen o\u00a0ni. Je za n\u00ed hlub\u0161\u00ed trend, na kter\u00fd upozor\u0148uj\u00ed prakticky v\u0161echny velk\u00e9 mezin\u00e1rodn\u00ed instituce. Sv\u011bt je neb\u00fdvale zadlu\u017een\u00fd a\u00a0pr\u00e1v\u011b proto cena pen\u011bz stoup\u00e1. Mezin\u00e1rodn\u00ed m\u011bnov\u00fd fond p\u00ed\u0161e o\u00a0dluhov\u00e9m z\u00fa\u010dtov\u00e1n\u00ed<\/a>, OECD o\u00a0zv\u00fd\u0161en\u00fdch n\u00e1roc\u00edch na odolnost ve\u0159ejn\u00fdch financ\u00ed a\u00a0kvalitu v\u00fddaj\u016f<\/a>. <\/p>\n

V\u00a0obou p\u0159\u00edpadech je z\u00e1v\u011br tak\u0159ka toto\u017en\u00fd: sv\u011bt vstupuje do \u00e9ry dra\u017e\u0161\u00edho dluhu a\u00a0vl\u00e1dy by si m\u011bly vyb\u00edrat mnohem opatrn\u011bji, za co utr\u00e1cet. \u0160koda, \u017ee \u010cesko m\u00e1 jako obvykle nakro\u010deno jin\u00fdm sm\u011brem.<\/p>\n

Dluh jako po v\u00e1lce<\/p>\n

Letos si vl\u00e1dy a\u00a0firmy po cel\u00e9m sv\u011bt\u011b podle OECD p\u016fj\u010d\u00ed p\u0159ibli\u017en\u011b 29\u00a0bilion\u016f dolar\u016f. To je historick\u00fd rekord a\u00a0zhruba dvojn\u00e1sobek objemu z\u00a0p\u0159ed deseti let. Jde o\u00a0ro\u010dn\u00ed v\u00fdkon americk\u00e9 ekonomiky, anebo\u00a0\u2013\u00a0je\u0161t\u011b n\u00e1zorn\u011bji\u00a0\u2013\u00a0o\u00a0\u0159et\u011bz stodolarovek dlouh\u00fd skoro jako polom\u011br Slune\u010dn\u00ed soustavy.<\/p>\n

Velk\u00e1 \u010d\u00e1st nov\u00fdch dluh\u016f nav\u00edc neslou\u017e\u00ed k\u00a0financov\u00e1n\u00ed nov\u00fdch projekt\u016f, ale jen k\u00a0vytlouk\u00e1n\u00ed kl\u00ednu kl\u00ednem a\u00a0refinancov\u00e1n\u00ed p\u016fj\u010dek z\u00a0minula. Kdy\u017e se \u00farokov\u00e9 sazby zv\u00fd\u0161\u00ed, za\u010d\u00edn\u00e1 b\u00fdt tento koloto\u010d znateln\u011b dra\u017e\u0161\u00ed.<\/p>\n

OECD upozor\u0148uje je\u0161t\u011b na jeden trend: vl\u00e1dy i\u00a0firmy za\u010d\u00ednaj\u00ed vyd\u00e1vat dluhopisy s\u00a0krat\u0161\u00ed splatnost\u00ed. Ty jsou sice moment\u00e1ln\u011b levn\u011bj\u0161\u00ed, ale z\u00e1rove\u0148 roste riziko, \u017ee se dluh bude muset \u010dasem refixovat za nov\u00e9\u00a0\u2013 mo\u017en\u00e1 vy\u0161\u0161\u00ed\u00a0\u2013 sazby.<\/p>\n

Jin\u00fdmi slovy: sv\u011bt je st\u00e1le zadlu\u017een\u011bj\u0161\u00ed a\u00a0z\u00e1rove\u0148 citliv\u011bj\u0161\u00ed na zm\u011bny \u00farok\u016f. Komfortn\u00ed prost\u0159ed\u00ed levn\u00fdch pen\u011bz je pry\u010d. Centr\u00e1ln\u00ed banky, kter\u00e9 ned\u00e1vno pen\u00edze ve velk\u00e9m tiskly, k\u00a0nim nyn\u00ed v\u00a0z\u00e1jmu potla\u010den\u00ed inflace p\u0159isazuj\u00ed vy\u0161\u0161\u00ed sazby a\u00a0\u2013\u00a0z\u00a0dobr\u00fdch d\u016fvod\u016f\u00a0\u2013\u00a0nemaj\u00ed v\u00a0pl\u00e1nu p\u0159estat.<\/p>\n

Vl\u00e1dy tedy u\u017e nemohou spol\u00e9hat na to, co hr\u00e1lo do karet t\u0159eba i\u00a0Andreji Babi\u0161ovi a\u00a0jeho prvn\u00edmu a\u00a0druh\u00e9mu kabinetu p\u0159ed covidem, kdy \u0161lo dluh financovat t\u00e9m\u011b\u0159 zadarmo. Podle anal\u00fdz MMF m\u016f\u017ee tento posun zm\u011bnit celou fisk\u00e1ln\u00ed dynamiku p\u0159\u00ed\u0161t\u00ed dek\u00e1dy. I\u00a0relativn\u011b stabiln\u00ed dluh se m\u016f\u017ee v\u00a0dob\u011b drah\u00fdch pen\u011bz za\u010d\u00edt vymykat kontrole. <\/p>\n

Geopolitick\u00e1 nervozita tento trend je\u0161t\u011b zv\u00fdraz\u0148uje. Investo\u0159i po\u017eaduj\u00ed vy\u0161\u0161\u00ed v\u00fdnosy, proto\u017ee vid\u00ed rostouc\u00ed objem emis\u00ed a\u00a0z\u00e1rove\u0148 vy\u0161\u0161\u00ed infla\u010dn\u00ed rizika. S\u00a0t\u00edm se vezou i\u00a0priv\u00e1tn\u00ed dlu\u017en\u00edci\u00a0\u2013 kdo chce hypot\u00e9ku, sotva ji dostane levn\u011bji, ne\u017e \u010din\u00ed sazba u\u00a0st\u00e1tn\u00edho dluhopisu, kter\u00fd je pro ka\u017edou banku daleko pohodln\u011bj\u0161\u00ed a\u00a0bezpe\u010dn\u011bj\u0161\u00ed \u00falo\u017ekou. <\/p>\n

Podle MMF je nav\u00edc t\u0159eba m\u00edt na pam\u011bti, \u017ee st\u00e1tn\u00ed dluhy rostou kv\u016fli objektivn\u00edm faktor\u016fm, kter\u00e9 bohu\u017eel jen tak neodezn\u00ed. Jsou t\u0159i a\u00a0na v\u0161ech front\u00e1ch je t\u0159eba n\u011bco platit\u00a0\u2013\u00a0st\u00e1rnut\u00ed populace, vy\u0161\u0161\u00ed obrann\u00e9 v\u00fddaje a\u00a0investice do energetick\u00e9 transformace. <\/p>\n

Sou\u010dasn\u011b roste popt\u00e1vka po kapit\u00e1lu ze soukrom\u00e9ho sektoru. Technologick\u00e9 firmy mohutn\u011b investuj\u00ed do um\u011bl\u00e9 inteligence, podle OECD si dev\u011bt nejv\u011bt\u0161\u00edch korporac\u00ed tohoto druhu loni p\u016fj\u010dilo 122\u00a0miliard dolar\u016f. Tedy v\u00a0p\u0159epo\u010dtu v\u00edc ne\u017e jeden \u010desk\u00fd st\u00e1tn\u00ed rozpo\u010det. <\/p>\n

Investi\u010dn\u00ed m\u00e1nie v\u00a0AI sektoru jen tak nepolev\u00ed, proto\u017ee pr\u00e1v\u011b te\u010f se mo\u017en\u00e1 rozhoduje o\u00a0tom, kdo z\u00a0t\u00e9to nov\u00e9 pr\u016fmyslov\u00e9 revoluce vzejde jako v\u00edt\u011bz. V\u00a0praxi to znamen\u00e1, \u017ee vl\u00e1dy u\u017e nejsou jedin\u00fdm velk\u00fdm hr\u00e1\u010dem na dluhov\u00fdch trz\u00edch. O\u00a0kapit\u00e1l soupe\u0159\u00ed s\u00a0firmami a\u00a0investory.<\/p>\n

<\/a>\u010cesk\u00e1 bezstarostn\u00e1 cesta<\/p>\n

\u010ce\u0161i se r\u00e1di uzav\u00edraj\u00ed do vlastn\u00edho sv\u011bta v\u00a0nad\u011bji, \u017ee je glob\u00e1ln\u00ed t\u011b\u017ekosti minou a\u00a0zl\u00e9 \u010dasy se p\u0159e\u017eenou. Babi\u0161 to v\u00ed a\u00a0douf\u00e1, \u017ee spoluob\u010dany ukonej\u0161\u00ed a\u00a0dluhy mu projdou. <\/p>\n

Kdy\u017e hnut\u00ed ANO vydalo p\u0159ed volbami svou hospod\u00e1\u0159skou strategii, sklidilo na mnoha front\u00e1ch pochvalu za dobr\u00fd pokus o\u00a0koncep\u010dn\u00ed p\u0159\u00edstup. Mimo jin\u00e9 d\u00edky slibu, kter\u00fd sice nehr\u00e1l moc dohromady s\u00a0t\u00edm, co zazn\u00edvalo v\u00a0kampani, ale ve strategii byl\u00a0\u2013 a\u00a0sice sni\u017eovat deficit st\u00e1tn\u00edho rozpo\u010dtu \u201etempem do 0,5\u00a0procentn\u00edho bodu ro\u010dn\u011b\u201c (my\u0161leno v\u00a0pom\u011bru k\u00a0HDP).<\/p>\n

Po volb\u00e1ch tento z\u00e1vazek rychle padl. Ve vl\u00e1dn\u00ed verzi hospod\u00e1\u0159sk\u00e9 strategie u\u017e p\u016flprocentn\u00ed schodky nejsou a\u00a0mluv\u00ed se v\u00a0n\u00ed jen o\u00a0tom, \u017ee deficit nem\u00e1 p\u0159ekro\u010dit t\u0159i procenta HDP ro\u010dn\u011b. Co\u017e vzhledem k\u00a0lo\u0148sk\u00e9 \u00farovni kolem dvou procent otv\u00edr\u00e1 prostor ne ke\u00a0sn\u00ed\u017een\u00ed, ale naopak ke\u00a0zv\u00fd\u0161en\u00ed tempa, jak\u00fdm se st\u00e1t bude zadlu\u017eovat. <\/p>\n

Rozpo\u010det 2026, o\u00a0kter\u00e9m nyn\u00ed Sn\u011bmovna jedn\u00e1, t\u00e9to oto\u010dce odpov\u00edd\u00e1. Schodek se oproti p\u016fvodn\u00edmu n\u00e1vrhu Fialovy vl\u00e1dy zved\u00e1 z\u00a0286\u00a0na 310\u00a0miliard, z\u00e1rove\u0148 ale z\u00a0v\u00fddaj\u016f vypadla jedna d\u016fle\u017eit\u00e1 investi\u010dn\u00ed polo\u017eka, a\u00a0sice prvn\u00ed spl\u00e1tka za dostavbu Dukovan (o rok se odkl\u00e1d\u00e1). P\u0159ibyly v\u00fddaje na d\u00e1lnice, ale i\u00a0prvn\u00ed zbytn\u00e9 v\u011bci, jako je\u00a0dotov\u00e1n\u00ed elekt\u0159iny, \u00falevy pro \u017eivnostn\u00edky nebo vy\u0161\u0161\u00ed dotace pro zem\u011bd\u011blce. <\/p>\n

Penzijn\u00ed reforma, kter\u00e1 m\u011bla brzdit zadlu\u017eov\u00e1n\u00ed v\u00a0p\u0159\u00ed\u0161t\u00edch letech, se m\u00e1 ru\u0161it. M\u00edsto n\u00ed program vl\u00e1dy po\u010d\u00edt\u00e1 do dal\u0161\u00edch let s\u00a0mixem da\u0148ov\u00fdch \u00falev (korpor\u00e1tn\u00ed da\u0148, nulov\u00e1 DPH na l\u00e9ky, koncesion\u00e1\u0159sk\u00e9 poplatky) a\u00a0r\u016fstem v\u00fddaj\u016f (v\u00fdkup akci\u00ed \u010cEZ, v\u011bkov\u00e9 valorizace d\u016fchod\u016f, vy\u0161\u0161\u00ed n\u00e1stupn\u00ed platy).<\/p>\n

I Fialova vl\u00e1da ke konci se sv\u00fdmi z\u00e1vazky bojovala, ale aspo\u0148 se sna\u017eila dr\u017eet trend a\u00a0h\u00e1jit \u0161etrnou rozpo\u010dtovou politiku jako ctnost. Hl\u00e1sila se k\u00a0nutnosti stabilizovat ve\u0159ejn\u00e9 finance a\u00a0p\u0159ipravit st\u00e1t na budouc\u00ed v\u00fddajov\u00e9 tlaky.<\/p>\n

Babi\u0161 m\u00edsto toho p\u0159ich\u00e1z\u00ed s\u00a0tvrzen\u00edm, \u017ee dluh nen\u00ed probl\u00e9m, pokud se vyp\u016fj\u010den\u00e9 pen\u00edze chyt\u0159e utrat\u00ed. \u201eNeakceptuju, \u017ee zadlu\u017e\u00edme na\u0161e d\u011bti. Nen\u00ed to tak, je to naopak, mus\u00ed se investovat, a\u00a0t\u00edm p\u0159ijde r\u016fst,\u201c \u0159ekl p\u0159ed dv\u011bma t\u00fddny p\u0159i prezentaci hospod\u00e1\u0159sk\u00e9 strategie.<\/p>\n

Tento p\u0159\u00edstup by \u0161lo tolerovat, kdyby ho razila osv\u00edcen\u00e1, dob\u0159e \u0159\u00edzen\u00e1, nepopulistick\u00e1 vl\u00e1da. Investice do infrastruktury, vzd\u011bl\u00e1n\u00ed nebo inovac\u00ed mohou skute\u010dn\u011b zv\u00fd\u0161it budouc\u00ed produktivitu ekonomiky. Probl\u00e9m ale je, \u017ee fisk\u00e1ln\u00ed debata v\u00a0praxi m\u00e1lokdy z\u016fstane jen u\u00a0t\u011bchto v\u00fddaj\u016f. A\u00a0\u017ee s\u00a0Babi\u0161em, vzhledem k\u00a0jeho tendenc\u00edm k\u00a0mikromanagementu a\u00a0chaosu, nen\u00ed dobr\u00e1 zku\u0161enost. Vy\u0161\u0161\u00ed \u00faroky jeho rizikovost jen umoc\u0148uj\u00ed. Kdy\u017e si na svou politiku p\u016fj\u010doval p\u0159ed covidem skoro za nulu, nebylo v\u00a0s\u00e1zce tot\u00e9\u017e co dnes, kdy\u017e \u00farok pomalu stoup\u00e1 k\u00a0p\u011bti procent\u016fm.<\/p>\n

Co se stane, kdy\u017e dluh zdra\u017e\u00ed<\/p>\n

Zku\u0161enost posledn\u00edch let ukazuje, \u017ee zm\u011bna \u00farokov\u00fdch sazeb m\u016f\u017ee m\u00edt na rozpo\u010dty dramatick\u00fd dopad. Jen \u00faroky z\u00a0dluhu letos \u010cesko vyjdou na 110\u00a0miliard. Pokud \u00farokov\u00e9 sazby z\u016fstanou pobl\u00ed\u017e sou\u010dasn\u00fdch \u00farovn\u00ed, budou tyto n\u00e1klady d\u00e1le r\u016fst.<\/p>\n

Letos mus\u00ed \u010desk\u00fd st\u00e1t refinancovat rekordn\u00edch 424\u00a0miliard. Pr\u016fm\u011brn\u00fd \u00farok, za kter\u00fd se kdysi tento dluh nabral, \u010dinil 2,7\u00a0%. Te\u010f p\u016fj\u010dky dob\u011bhly do splatnosti, jistinu je t\u0159eba vr\u00e1tit a\u00a0to nejde\u00a0\u2013\u00a0vzhledem k\u00a0seznamu v\u0161ech dal\u0161\u00edch vl\u00e1dn\u00edch v\u00fddaj\u016f\u00a0\u2013 ud\u011blat jinak, ne\u017e si znovu p\u016fj\u010dit. Tak levn\u011b u\u017e to ale vzhledem k\u00a0situaci na sekund\u00e1rn\u00edm trhu s\u00a0dluhopisy zjevn\u011b nep\u016fjde, obzvl\u00e1\u0161\u0165 v\u00a0dob\u011b dvou velk\u00fdch nedalek\u00fdch v\u00e1lek. <\/p>\n

<\/a><\/p>\n

\u010cesk\u00e1 debata o\u00a0dluhu je nav\u00edc komplikovan\u00e1 jedn\u00edm specifick\u00fdm faktorem\u00a0\u2013 demografi\u00ed. Populace st\u00e1rne v\u00edc ne\u017e jinde a\u00a0beze zm\u011bn nep\u016fjde d\u016fchody v\u00a0p\u0159\u00ed\u0161t\u00edch desetilet\u00edch zaplatit jinak ne\u017e na dluh. Penzijn\u00ed reforma, kterou p\u0159ijala minul\u00e1 vl\u00e1da, m\u011bla tento tlak alespo\u0148 \u010d\u00e1ste\u010dn\u011b zm\u00edrnit. Sou\u010dasn\u00e1 vl\u00e1da ji ale chce zru\u0161it.<\/p>\n

To je z\u00a0hlediska finan\u010dn\u00edch trh\u016f sign\u00e1l, kter\u00fd nelze p\u0159ehl\u00e9dnout. Babi\u0161 m\u00e1 v\u00fdhodu, \u017ee \u010desk\u00fd dluh na \u00farovni 45\u00a0% HDP nevypad\u00e1 v\u00a0evropsk\u00e9m m\u011b\u0159\u00edtku nijak skand\u00e1ln\u011b. Investo\u0159i ale nesleduj\u00ed jen aktu\u00e1ln\u00ed deficit a\u00a0dluh, ale i\u00a0trend. Leto\u0161n\u00ed rozpo\u010det nikomu na finan\u010dn\u00edch trz\u00edch vadit nebude, ale dojde-li doopravdy na ru\u0161en\u00ed penzijn\u00ed reformy, to u\u017e m\u016f\u017ee b\u00fdt jin\u00e1.<\/p>\n

Fisk\u00e1ln\u00ed prostor nen\u00ed n\u011bco, co existuje automaticky. Je to kombinace d\u016fv\u011bry investor\u016f, ekonomick\u00e9ho r\u016fstu a\u00a0politick\u00e9 discipl\u00edny. Jakmile se tato kombinace naru\u0161\u00ed, m\u016f\u017ee se situace zm\u011bnit p\u0159ekvapiv\u011b rychle. Kdy\u017e Babi\u0161e v\u00a0utr\u00e1cen\u00ed nezastav\u00ed ve\u0159ejnost (co\u017e se u\u00a0voleb nestalo), zastav\u00ed ho leda finan\u010dn\u00ed trhy a\u00a0zv\u00fd\u0161en\u00e9 n\u00e1klady p\u016fj\u010dov\u00e1n\u00ed. <\/p>\n

Takov\u00fd n\u00e1raz do zdi ale nen\u00ed dobr\u00e1 vyhl\u00eddka. Proto by bylo \u017e\u00e1douc\u00ed\u00a0\u2013\u00a0v\u00a0souladu s\u00a0doporu\u010den\u00edmi MMF a\u00a0OECD\u00a0\u2013 pe\u010dliv\u011b rozli\u0161ovat mezi v\u00fddaji, kter\u00e9 zvy\u0161uj\u00ed budouc\u00ed r\u016fst, a\u00a0t\u011bmi, kter\u00e9 p\u0159in\u00e1\u0161ej\u00ed jen kr\u00e1tkodobou politickou popularitu. Sou\u010dasn\u00fd vzestup \u00farok\u016f je prvn\u00ed lekc\u00ed. \u00c9ra levn\u00fdch pen\u011bz je pry\u010d a\u00a0bylo by dobr\u00e9 to vz\u00edt na v\u011bdom\u00ed. <\/p>\n","protected":false},"excerpt":{"rendered":"P\u016fj\u010dov\u00e1n\u00ed pen\u011bz je pro st\u00e1t jako \u010cesko ot\u00e1zkou rutinn\u00edho provozu, pro dluhov\u00e9 pen\u00edze si chod\u00edme po tro\u0161k\u00e1ch obvykle…\n","protected":false},"author":2,"featured_media":7459,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[3903,17,21,808,16,3737,3502,18,19,22,562,20],"class_list":{"0":"post-16228","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-zpravy","8":"tag-dluhopisy","9":"tag-headlines","10":"tag-hlavni-udalosti","11":"tag-iran","12":"tag-news","13":"tag-statni-dluh","14":"tag-statni-rozpocet","15":"tag-top-news","16":"tag-top-stories","17":"tag-udalosti-dne","18":"tag-vlada-andreje-babise","19":"tag-zpravy"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116182843803971891","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/16228","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=16228"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/16228\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/7459"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=16228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=16228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=16228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}