![](\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/08\/1787110222_749_ukrajina.jpeg\")
Foto: V\u00fdchodn\u00ed blok<\/p>\nKdy\u017e v\u00a0\u00fanoru 2022\u00a0p\u0159ekro\u010dily rusk\u00e9 tanky ukrajinsk\u00e9 hranice, neznamenalo to pouze za\u010d\u00e1tek nejv\u011bt\u0161\u00edho vojensk\u00e9ho konfliktu v\u00a0Evrop\u011b od dob druh\u00e9 sv\u011btov\u00e9 v\u00e1lky, ale tak\u00e9 absolutn\u00ed a\u00a0bezprecedentn\u00ed \u0161ok pro celou st\u00e1tn\u00ed kasu. Z\u00a0\u010dist\u011b ekonomick\u00e9ho hlediska se napaden\u00e1 zem\u011b ocitla doslova na okraji propasti. B\u011bhem jedin\u00e9ho krizov\u00e9ho roku vyst\u0159elily konsolidovan\u00e9 rozpo\u010dtov\u00e9 v\u00fddaje z\u00a0p\u0159ijateln\u00fdch 33,8\u00a0% hrub\u00e9ho dom\u00e1c\u00edho produktu na astronomick\u00fdch 58,6\u00a0%[5].<\/p>\n
Tento drastick\u00fd skok byl pochopiteln\u011b d\u00e1n holou nutnost\u00ed p\u0159e\u017e\u00edt\u00a0\u2013 vl\u00e1da musela okam\u017eit\u011b a\u00a0bez ohledu na prob\u00edhaj\u00edc\u00ed ekonomick\u00e9 ztr\u00e1ty financovat t\u011b\u017ece zkou\u0161enou arm\u00e1du, udr\u017eet v\u00a0chodu policii a\u00a0zajistit element\u00e1rn\u00ed n\u00e1rodn\u00ed bezpe\u010dnost. Samotn\u00e9 vojensk\u00e9 v\u00fddaje, kter\u00e9 p\u0159ed v\u00e1lkou tvo\u0159ily relativn\u011b nen\u00e1padn\u00fdch 2,3\u00a0% HDP, raketov\u011b vzrostly na ohromuj\u00edc\u00edch 22,0\u00a0% [5].<\/p>\n
V n\u00e1sleduj\u00edc\u00edm st\u00e1tn\u00edm rozpo\u010dtu na rok 2023\u00a0u\u017e jen v\u00fddaje vy\u010dlen\u011bn\u00e9 na obranu a\u00a0bezpe\u010dnost spolkly p\u0159es 1,7\u00a0bilionu h\u0159iven (p\u0159ibli\u017en\u011b 796\u00a0miliard \u010desk\u00fdch korun), co\u017e tehdy odpov\u00eddalo t\u00e9m\u011b\u0159 t\u0159etin\u011b cel\u00e9 ekonomiky. Tv\u00e1\u0159\u00ed v\u00a0tv\u00e1\u0159 t\u00e9to d\u011bsiv\u00e9 fisk\u00e1ln\u00ed realit\u011b nem\u011bla vl\u00e1da v\u00a0prvn\u00edch m\u011bs\u00edc\u00edch v\u00e1lky jinou mo\u017enost ne\u017e s\u00e1hnout po nejkrajn\u011bj\u0161\u00edm ekonomick\u00e9m \u0159e\u0161en\u00ed a\u00a0za\u010d\u00edt masivn\u011b tisknout pen\u00edze. Do konce roku 2022\u00a0tak n\u00e1rodn\u00ed centr\u00e1ln\u00ed banka napumpovala do ob\u011bhu p\u0159es 400\u00a0miliard h\u0159iven (p\u0159ibli\u017en\u011b 187\u00a0miliard \u010desk\u00fdch korun) [5].<\/p>\n
A\u010dkoliv v\u00a0prvotn\u00edm v\u00e1le\u010dn\u00e9m chaosu tisk\u00e1rny pen\u011bz zachr\u00e1nily st\u00e1tn\u00ed apar\u00e1t p\u0159ed okam\u017eit\u00fdm kolapsem, dlouhodob\u011b \u0161lo o\u00a0nesm\u00edrn\u011b nebezpe\u010dnou hru s\u00a0ohn\u011bm. Zkou\u0161enou ekonomikou za\u010dala velmi rychle cloumat inflace p\u0159ekra\u010duj\u00edc\u00ed dvacet procent a\u00a0hrozilo, \u017ee pokud se tento trend nezastav\u00ed, znehodnocen\u00ed m\u011bny se zcela utrhne ze \u0159et\u011bzu [2].<\/p>\n
Fisk\u00e1ln\u00ed org\u00e1ny proto musely relativn\u011b brzy \u0161l\u00e1pnout na brzdu, aby v\u00a0zemi udr\u017eely cenovou stabilitu, kter\u00e1 je v\u00a0dob\u011b masivn\u00ed n\u00e1rodn\u00ed mobilizace naprosto kl\u00ed\u010dov\u00e1 pro udr\u017een\u00ed soci\u00e1ln\u00edho sm\u00edru [2]. V\u00e1le\u010dn\u00fd \u00fa\u010det se pochopiteln\u011b okam\u017eit\u011b prom\u00edtl do celkov\u00e9ho zadlu\u017een\u00ed. Pom\u011br st\u00e1tn\u00edho dluhu k\u00a0HDP, kter\u00fd byl v\u00a0klidn\u00e9m roce 2021\u00a0na zdrav\u00fdch 51\u00a0%, do roku 2024\u00a0s\u00a0p\u0159ehledem p\u0159ekonal devades\u00e1tiprocentn\u00ed hranici a\u00a0analytici o\u010dek\u00e1vaj\u00ed, \u017ee v\u00a0roce 2026\u00a0naraz\u00ed na sv\u016fj strop kolem 108\u00a0% [3].<\/p>\n
P\u0159esto v\u0161echno uk\u00e1zal ukrajinsk\u00fd st\u00e1tn\u00ed apar\u00e1t obrovskou, a\u017e p\u0159ekvapivou odolnost. Kyjevsk\u00e1 vl\u00e1da si dok\u00e1zala na dom\u00e1c\u00edm trhu bez p\u0159eru\u0161en\u00ed p\u016fj\u010dovat u\u017e n\u011bkolik dn\u00ed po zah\u00e1jen\u00ed invaze a\u00a0od t\u00e9 doby nezru\u0161ila jedinou napl\u00e1novanou dluhopisovou operaci [3].<\/p>\n
Udr\u017eet zemi v\u00a0b\u011b\u017en\u00e9m chodu by ale pochopiteln\u011b bylo zhola nemo\u017en\u00e9 bez masivn\u00ed pomoci Z\u00e1padu. Evropsk\u00e1 unie a\u00a0jej\u00ed \u010dlensk\u00e9 st\u00e1ty ji\u017e poskytly monument\u00e1ln\u00ed podporu ve v\u00fd\u0161i 177,5\u00a0miliardy eur (p\u0159ibli\u017en\u011b 4,5\u00a0bilionu \u010desk\u00fdch korun), \u010d\u00edm\u017e daly jasn\u011b najevo, \u017ee ukrajinsk\u00e1 bezpe\u010dnost je \u00fazce spjata s\u00a0bezpe\u010dnost\u00ed cel\u00e9ho kontinentu. Tento z\u00e1chrann\u00fd syst\u00e9m ov\u0161em v\u00a0praxi \u010dasto politicky drhne na t\u011b\u017ekop\u00e1dnosti unijn\u00edho apar\u00e1tu a\u00a0nutnosti jednomysln\u00e9ho souhlasu v\u0161ech sedmadvaceti vl\u00e1d [7].<\/p>\n
\u017divot na dluh<\/p>\n
S prodlu\u017euj\u00edc\u00edm se konfliktem muselo veden\u00ed ukrajinsk\u00e9ho st\u00e1tu zcela p\u0159ehodnotit svou dosavadn\u00ed makroekonomickou strategii, proto\u017ee rychl\u00e9 \u010derp\u00e1n\u00ed devizov\u00fdch rezerv a\u00a0nekone\u010dn\u00e9 ti\u0161t\u011bn\u00ed pen\u011bz u\u017e zkr\u00e1tka nebylo udr\u017eiteln\u00e9. Pokud by nedo\u0161lo k\u00a0radik\u00e1ln\u00ed zm\u011bn\u011b kurzu, n\u00e1sledn\u00e1 hospod\u00e1\u0159sk\u00e1 krize by spolehliv\u011b ochromila cel\u00e9 ukrajinsk\u00e9 v\u00e1le\u010dn\u00e9 \u00fasil\u00ed [2].<\/p>\n
Centr\u00e1ln\u00ed banka proto v\u00a0roce 2023\u00a0m\u011bnov\u00e9 financov\u00e1n\u00ed ofici\u00e1ln\u011b zastavila s\u00a0t\u00edm, \u017ee se pokus\u00ed chyb\u011bj\u00edc\u00ed miliardy nahradit vyd\u00e1v\u00e1n\u00edm klasick\u00fdch st\u00e1tn\u00edch dluhopis\u016f [5]. Dom\u00e1c\u00ed trh je ale na takov\u00e9 objemy p\u0159\u00edli\u0161 mal\u00fd, citeln\u011b na n\u011bm chyb\u00ed velc\u00ed institucion\u00e1ln\u00ed investo\u0159i a\u00a0ve\u0161ker\u00e9 obrovsk\u00e9 riziko na sebe berou pouze m\u00edstn\u00ed banky [3].<\/p>\n
V\u011bt\u0161inu pen\u011bz z\u00a0trhu nav\u00edc ods\u00e1valy vysoce \u00faro\u010den\u00e9 depozitn\u00ed certifik\u00e1ty, kter\u00e9 bank\u00e1m nab\u00edzela sama centr\u00e1ln\u00ed banka, a\u00a0vysok\u00e1 inflace z\u00e1rove\u0148 spolehliv\u011b mazala re\u00e1ln\u00e9 v\u00fdnosy t\u011bchto vl\u00e1dn\u00edch cenn\u00fdch pap\u00edr\u016f [5]. Hlavn\u00edm a\u00a0vlastn\u011b jedin\u00fdm skute\u010dn\u00fdm z\u00e1chrann\u00fdm lanem se tak muselo st\u00e1t zahrani\u010d\u00ed. Od \u00fanora 2022\u00a0poch\u00e1z\u00ed pln\u00fdch 76\u00a0% ve\u0161ker\u00e9ho st\u00e1tn\u00edho financov\u00e1n\u00ed v\u00fdhradn\u011b z\u00a0mezin\u00e1rodn\u00edch \u00fav\u011br\u016f a\u00a0grant\u016f [3].<\/p>\n
Pod\u00edl zahrani\u010dn\u00edch v\u011b\u0159itel\u016f na ve\u0159ejn\u00e9m dluhu prudce roste, p\u0159i\u010dem\u017e mimo\u0159\u00e1dn\u011b znepokojiv\u00e9 je, \u017ee drtiv\u00e1 v\u011bt\u0161ina t\u011bchto z\u00e1vazk\u016f (74\u00a0%) je vedena v\u00a0ciz\u00edch m\u011bn\u00e1ch, co\u017e zran\u011bnou ekonomiku extr\u00e9mn\u011b vystavuje neust\u00e1l\u00fdm kurzov\u00fdm rizik\u016fm [3]. Splatnost dom\u00e1c\u00edch dluhopis\u016f nav\u00edc z\u016fst\u00e1v\u00e1 nebezpe\u010dn\u011b kr\u00e1tk\u00e1, v\u00a0sou\u010dasn\u00e9m maximu jen na 3,5\u00a0roku [3].<\/p>\n
Foto: V\u00fdchodn\u00ed blok<\/p>\n
Koment\u00e1\u0159 k\u00a0Ukrajinsk\u00e9 da\u0148ov\u00e9 politice<\/p>\n
B\u011b\u017en\u011b spl\u00e1cet star\u00e9 dluhy uprost\u0159ed existen\u010dn\u00edho boje o\u00a0vlastn\u00ed \u00fazem\u00ed je pochopiteln\u011b matematicky i\u00a0fyzicky nemo\u017en\u00e9. Kyjev si proto u\u017e na za\u010d\u00e1tku masivn\u00ed invaze pragmaticky vyjednal nouzov\u00fd dvoulet\u00fd odklad mezin\u00e1rodn\u00edch spl\u00e1tek a\u00a0ned\u00e1vno, b\u011bhem l\u00e9ta 2024, situaci je\u0161t\u011b radik\u00e1ln\u011bji pojistil p\u0159ijet\u00edm bezpe\u010dnostn\u00edho z\u00e1kona, kter\u00fdm platby zahrani\u010dn\u00edho dluhu preventivn\u011b rovnou zmrazil [4]. Tato tvrd\u00e1 stopka se bolestiv\u011b dotkla nap\u0159\u00edklad spl\u00e1tek ve v\u00fd\u0161i 700\u00a0milion\u016f dolar\u016f v\u016f\u010di korporaci Cargill nebo d\u0159\u00edve vydan\u00fdch eurobond\u016f st\u00e1tn\u00ed energetick\u00e9 spole\u010dnosti Ukrenergo [4].<\/p>\n
Vl\u00e1da nyn\u00ed hraje slo\u017eitou hru o\u00a0\u010das a\u00a0sna\u017e\u00ed se s\u00a0mezin\u00e1rodn\u00edmi v\u011b\u0159iteli dohodnout na trval\u00e9 restrukturalizaci, p\u0159i\u010dem\u017e expertn\u00ed anal\u00fdzy jasn\u011b rad\u00ed nekompromisn\u00ed odpis nomin\u00e1ln\u00ed hodnoty dluhu (tzv. haircut) minim\u00e1ln\u011b o\u00a060\u00a0procent [5]. Pro skute\u010dn\u011b dlouhodob\u00e9 p\u0159e\u017eit\u00ed ale bude muset ukrajinsk\u00fd st\u00e1t s\u00e1hnout i\u00a0hluboko do vlastn\u00edch struktur\u00a0\u2013 radik\u00e1ln\u011b zlep\u0161it v\u00fdb\u011br dan\u00ed, zkrotit odliv kapit\u00e1lu striktn\u00edmi kontrolami, omezit zbytn\u00fd dovoz a\u00a0uvolnit ruce obrann\u00e9mu pr\u016fmyslu odstra\u0148ov\u00e1n\u00edm byrokratick\u00fdch bari\u00e9r pro zahrani\u010dn\u00ed firmy, aby mohly vznikat modern\u00ed spole\u010dn\u00e9 podniky [2, 5].<\/p>\n
Zcela novou, av\u0161ak pr\u00e1vn\u011b velmi citlivou kapitolu by pak mohlo otev\u0159\u00edt vyu\u017eit\u00ed zmrazen\u00fdch rusk\u00fdch aktiv. T\u011bch je na Z\u00e1pad\u011b blokov\u00e1no za 300\u00a0a\u017e 330\u00a0miliard dolar\u016f, z\u00a0nich\u017e zhruba 185\u00a0milion\u016f eur le\u017e\u00ed p\u0159\u00edmo na \u00fa\u010dtech belgick\u00e9 clearingov\u00e9 spole\u010dnosti Euroclear<\/a> [7]. Evropa u\u017e historicky rozhodla, \u017ee zisky z\u00a0t\u011bchto rusk\u00fdch pen\u011bz po\u0161le na vojenskou podporu, a\u00a0na stole le\u017e\u00ed i\u00a0mimo\u0159\u00e1dn\u011b odv\u00e1\u017en\u00fd pl\u00e1n na poskytnut\u00ed ob\u0159\u00ed reparativn\u00ed p\u016fj\u010dky ve v\u00fd\u0161i 140\u00a0milion\u016f eur [7].<\/p>\n \u00da\u010det za m\u00edr<\/p>\n Konec krvav\u00fdch boj\u016f, a\u0165 u\u017e p\u0159ijde v\u00a0jak\u00e9koliv podob\u011b, nebude pro zni\u010denou ukrajinskou ekonomiku znamenat okam\u017eitou \u00falevu ani prosperitu. Zem\u011b zkr\u00e1tka nebude pln\u011b finan\u010dn\u011b sob\u011bsta\u010dn\u00e1 a\u00a0robustn\u00ed rozpo\u010dtov\u00e1 injekce ze strany Evropsk\u00e9 unie mus\u00ed pokra\u010dovat i\u00a0v dob\u011b k\u0159ehk\u00e9ho m\u00edru nebo p\u0159\u00edpadn\u00e9ho zamrzl\u00e9ho p\u0159\u00edm\u011b\u0159\u00ed [1, 6].<\/p>\n Geopoliti\u010dt\u00ed analytici nav\u00edc velmi d\u016frazn\u011b varuj\u00ed, \u017ee dokud Kyjev nez\u00edsk\u00e1 pevn\u00e9 a\u00a0garantovan\u00e9 m\u00edsto v\u00a0NATO, z\u016fstane v\u00a0nevd\u011b\u010dn\u00e9 roli po zuby ozbrojen\u00e9ho frontov\u00e9ho st\u00e1tu, jeho\u017e prim\u00e1rn\u00edm \u00fakolem bude odrazovat Moskvu od jak\u00fdchkoliv dal\u0161\u00edch dobyva\u010dn\u00fdch choutek [6]. Zde p\u0159ich\u00e1z\u00ed absolutn\u011b kl\u00ed\u010dov\u00fd moment pro v\u0161echny z\u00e1padn\u00ed politiky. Budou muset sv\u00fdm ob\u010dan\u016fm a\u00a0da\u0148ov\u00fdm poplatn\u00edk\u016fm na rovinu vysv\u011btlit, \u017ee miliardy pos\u00edlan\u00e9 na v\u00fdchod Evropy u\u017e nejsou jen humanit\u00e1rn\u00edm gestem, ale chladnokrevnou investic\u00ed do vlastn\u00ed n\u00e1rodn\u00ed bezpe\u010dnosti, mezin\u00e1rodn\u00edho pr\u00e1va a\u00a0z\u00e1chrany hrout\u00edc\u00edho se syst\u00e9mu ne\u0161\u00ed\u0159en\u00ed jadern\u00fdch zbran\u00ed [6].<\/p>\n Samotn\u00e1 fyzick\u00e1 obnova zdevastovan\u00e9ho st\u00e1tu pak bude obrovsk\u00fdm \u00fakolem pro celou jednu generaci. B\u011bhem aktivn\u00edch boj\u016f pochopiteln\u011b maj\u00ed smysl jen ty nejnutn\u011bj\u0161\u00ed havarijn\u00ed opravy na rozbombardovan\u00e9 infrastruktu\u0159e, ale celkov\u00fd \u00fa\u010det za n\u00e1sledn\u00fdch deset let pov\u00e1le\u010dn\u00e9 rekonstrukce se aktu\u00e1ln\u011b odhaduje na propastn\u00fdch 196,5\u00a0miliardy eur (p\u0159ibli\u017en\u011b 4,75\u00a0bilionu \u010desk\u00fdch korun) [1].<\/p>\n Tato astronomick\u00e1 suma, v\u00a0pr\u016fm\u011bru necel\u00fdch 20\u00a0miliard eur ro\u010dn\u011b, je nav\u00edc je\u0161t\u011b vysoce optimistick\u00e1. Po\u010d\u00edt\u00e1 toti\u017e s\u00a0masivn\u00edm finan\u010dn\u00edm p\u0159\u00edsp\u011bvkem od soukrom\u00fdch firem a\u00a0zahrnuje pouze obnovu t\u011bch \u00fazem\u00ed, kter\u00e1 vl\u00e1da v\u00a0sou\u010dasnosti pln\u011b kontroluje [1]. Sou\u010dasn\u00e9 pl\u00e1ny unijn\u00edho rozpo\u010dtu na krizov\u00e9 roky 2028\u00a0a\u017e 2034\u00a0s\u00a0n\u011b\u010d\u00edm tak gigantick\u00fdm nav\u00edc v\u016fbec nepo\u010d\u00edtaj\u00ed. Vyhrazen\u00fdch 88,9\u00a0miliard eur zkr\u00e1tka nebude sta\u010dit, zvl\u00e1\u0161t\u011b pokud by se z\u00a0podpory kv\u016fli vnitropolitick\u00fdm zm\u011bn\u00e1m st\u00e1hly Spojen\u00e9 st\u00e1ty [1].<\/p>\n Z\u00e1padn\u00ed spole\u010denstv\u00ed tak bude muset zkonstruovat zcela nov\u00fd, modern\u00ed Marshall\u016fv pl\u00e1n<\/a>, do kter\u00e9ho se naplno zapoj\u00ed Mezin\u00e1rodn\u00ed m\u011bnov\u00fd fond<\/a>, Sv\u011btov\u00e1 banka<\/a> i\u00a0n\u00e1rodn\u00ed rozvojov\u00e9 agentury [6]. Aby se ale na Ukrajinu vr\u00e1tily ob\u0159\u00ed soukrom\u00e9 pen\u00edze, budou investo\u0159i po\u017eadovat nepr\u016fst\u0159eln\u00e9 garance. Ekonomika bude paradoxn\u011b kriticky z\u00e1visl\u00e1 na neust\u00e1l\u00fdch dod\u00e1vk\u00e1ch protivzdu\u0161n\u00e9 obrany, kter\u00e1 spolehliv\u011b ochr\u00e1n\u00ed nov\u011b postaven\u00e9 tov\u00e1rny, a\u00a0na celosv\u011btov\u00e9m poji\u0161t\u011bn\u00ed politick\u00fdch rizik skrze instituce jako MIGA<\/a> nebo EBRD<\/a> [6].<\/p>\n Aby se obrovsk\u00e9 toky pen\u011bz cestou nerozkradly a\u00a0nezmizely v\u00a0nepr\u016fhledn\u00fdch s\u00edt\u00edch, doporu\u010duje se vytvo\u0159en\u00ed p\u0159\u00edsn\u00e9 meziresortn\u00ed d\u00e1rcovsk\u00e9 platformy s\u00a0\u00fast\u0159ed\u00edm v\u00a0Bruselu a\u00a0Kyjev\u011b, kter\u00e1 bude tyto masivn\u00ed investice koordinovat [6].<\/p>\n Obrovsk\u00e9 pen\u00edze ze Z\u00e1padu ov\u0161em rozhodn\u011b nebudou zadarmo a\u00a0neobejdou se bez tvrd\u00fdch z\u00e1vazk\u016f. Kyjevsk\u00e1 administrativa mus\u00ed v\u00fdm\u011bnou za z\u00e1chranu ekonomiky prov\u00e9st hlubok\u00e9 a\u00a0\u010dasto velmi bolestiv\u00e9 celospole\u010densk\u00e9 reformy [1]. Bude muset radik\u00e1ln\u011b vy\u010distit justici, vym\u00e1hat funk\u010dn\u00ed pr\u00e1vn\u00ed st\u00e1t a\u00a0definitivn\u011b rozb\u00edt vlivn\u00e9 region\u00e1ln\u00ed oligopoly, kter\u00e9 cel\u00e1 l\u00e9ta \u00fasp\u011b\u0161n\u011b dusily jakoukoliv zahrani\u010dn\u00ed konkurenci [1, 6].<\/p>\n Modern\u00edm c\u00edlem nav\u00edc nen\u00ed vybudovat nedotknuteln\u00e9 mocensk\u00e9 centrum v\u00a0hlavn\u00edm m\u011bst\u011b, ale c\u00edlen\u011b poslat pen\u00edze z\u00a0grant\u016f p\u0159\u00edmo do region\u016f, na \u00farove\u0148 m\u00edstn\u00edch samospr\u00e1v, a\u00a0podpo\u0159it tak skute\u010dnou demokratickou decentralizaci ukrajinsk\u00e9ho st\u00e1tu [6]. Proto\u017ee ukrajinsk\u00e9 ekonomice bude je\u0161t\u011b dlouho kriticky chyb\u011bt spolehliv\u00e1 n\u00e1kladn\u00ed leteck\u00e1 doprava, kl\u00ed\u010dov\u00fdm z\u00e1chrann\u00fdm p\u00e1sem pro byznys z\u016fst\u00e1vaj\u00ed pozemn\u00ed \u201eTrasy solidarity\u201c, kter\u00e9 strategicky usnad\u0148uj\u00ed pohyb zbo\u017e\u00ed p\u0159es hranice s\u00a0EU [6].<\/p>\n V\u00e1lkou zocelenou zemi nav\u00edc \u010dek\u00e1 rychl\u00e9 ekonomick\u00e9 za\u010dle\u0148ov\u00e1n\u00ed do evropsk\u00fdch struktur je\u0161t\u011b d\u00e1vno p\u0159ed samotn\u00fdm politick\u00fdm vstupem do Unie, nap\u0159\u00edklad formou \u00fa\u010dasti na unijn\u00ed Zelen\u00e9 dohod\u011b (Green Deal) pro modernizaci t\u011b\u017ek\u00e9ho pr\u016fmyslu a\u00a0energetiky. A\u00a0aby st\u00e1t po v\u00e1lce p\u0159it\u00e1hl zp\u011bt odliv\u0161\u00ed mozky a\u00a0\u010derstv\u00fd kapit\u00e1l, nevyhne se revolu\u010dn\u00edmu zjednodu\u0161en\u00ed pravidel pro pobyt cizinc\u016f \u010di schv\u00e1len\u00ed tolik diskutovan\u00e9ho dvoj\u00edho ob\u010danstv\u00ed pro svou obrovskou diasporu [6].<\/p>\n O nic dal\u0161\u00edho ji\u017e nep\u0159ich\u00e1zejte!<\/p>\n Zdroje:<\/p>\n![](\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/08\/sledujte.jpeg\")
Foto: Ji\u0159\u00ed Linhart<\/p>\n