{"id":39819,"date":"2026-03-30T06:38:10","date_gmt":"2026-03-30T06:38:10","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/39819\/"},"modified":"2026-03-30T06:38:10","modified_gmt":"2026-03-30T06:38:10","slug":"cesti-investori-tahnou-do-nemecka-nahrava-jim-tamni-slaba-ekonomika","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/39819\/","title":{"rendered":"\u010ce\u0161t\u00ed investo\u0159i t\u00e1hnou do N\u011bmecka. Nahr\u00e1v\u00e1 jim tamn\u00ed slab\u00e1 ekonomika"},"content":{"rendered":"

Poradensk\u00e9 firmy dost\u00e1vaj\u00ed st\u00e1le v\u00edce popt\u00e1vek od \u010desk\u00fdch firem ohledn\u011b vstupu na n\u011bmeck\u00fd trh. \u201eMezi investory a\u00a0podnikateli je \u010d\u00edm d\u00e1l vy\u0161\u0161\u00ed z\u00e1jem o\u00a0p\u0159\u00edpadn\u00e9 akvizice v\u00a0N\u011bmecku,\u201c l\u00ed\u010d\u00ed Petr D\u011bde\u010dek, partner poradensk\u00e9 firmy Deloitte Advisory.<\/p>\n

U\u017e ani v\u00a0minul\u00e9m roce ale tuzem\u0161t\u00ed investo\u0159i v\u00a0N\u011bmecku nezah\u00e1leli. Skupina EP Global Commerce miliard\u00e1\u0159\u016f Daniela K\u0159et\u00ednsk\u00e9ho<\/a> a\u00a0Patrika Tk\u00e1\u010de<\/a> zv\u00fd\u0161ila sv\u016fj pod\u00edl v\u00a0n\u011bmeck\u00e9m obchodn\u00edm \u0159et\u011bzci Metro. N\u00e1kup 14,8\u00a0procenta akci\u00ed vy\u0161el podle informa\u010dn\u00ed platformy Mergermarket na 3,85\u00a0miliardy eur, co\u017e byla v\u00a0korun\u00e1ch \u010d\u00e1stka ve v\u00fd\u0161i kolem 93,3\u00a0miliardy.<\/p>\n

Okno p\u0159\u00edle\u017eitost\u00ed<\/p>\n

K\u0159et\u00ednsk\u00e9mu s\u00a0Tk\u00e1\u010dem se tak poda\u0159ilo ovl\u00e1dnout n\u011bmeck\u00fd obchodn\u00ed \u0159et\u011bzec, kter\u00fd m\u00e1 obchody po cel\u00e9 Evrop\u011b. V\u00a0\u010cesku p\u016fsob\u00ed pod zna\u010dkou Makro. \u0160lo o\u00a0jednu z\u00a0nejv\u011bt\u0161\u00edch transakc\u00ed realizovan\u00fdch tuzemsk\u00fdmi investory v\u016fbec.<\/p>\n

Miliard\u00e1\u0159sk\u00e9 duo ale rozhodn\u011b nebylo v\u00a0aktivit\u00e1ch v\u00a0N\u011bmecku osamoceno. \u201eZat\u00edmco v\u00a0roce 2024\u00a0\u010de\u0161t\u00ed investo\u0159i uskute\u010dnili na n\u011bmeck\u00e9m trhu celkem osm transakc\u00ed, tak loni jich bylo t\u0159in\u00e1ct,\u201c vy\u010d\u00edsluje Marek Rehberger, gener\u00e1ln\u00ed \u0159editel spole\u010dnosti Patria Corporate Finance. Od za\u010d\u00e1tku leto\u0161n\u00edho roku se pak podle n\u011bj realizovaly t\u0159i obchody.<\/p>\n

V investic\u00edch pokra\u010duj\u00ed \u010ce\u0161i i\u00a0v leto\u0161n\u00edm roce, kdy\u017e investi\u010dn\u00ed skupina BHM Tom\u00e1\u0161e Krska koupila n\u011bmeckou spole\u010dnost Rein Medical<\/a>, zam\u011b\u0159enou na poskytov\u00e1n\u00ed IT technologi\u00ed pro zdravotnictv\u00ed. Spole\u010dnost Investika pak koupila v\u011bt\u0161inov\u00fd pod\u00edl v\u00a0obchodn\u00edm centru H\u00f6fe am Br\u00fchl v\u00a0Lipsku.<\/p>\n

Za aktivitou tuzemsk\u00fdch hr\u00e1\u010d\u016f v\u00a0N\u011bmecku stoj\u00ed cel\u00e1 \u0159ada faktor\u016f. Nejd\u016fle\u017eit\u011bj\u0161\u00edm ale bude rozd\u00edln\u00e1 kondice n\u011bmeck\u00e9 a\u00a0\u010desk\u00e9 ekonomiky. \u201ePrim\u00e1rn\u00edm d\u016fvodem je v\u00fdrazn\u00fd pokles ekonomick\u00e9 aktivity v\u00a0N\u011bmecku, a\u00a0tud\u00ed\u017e sn\u00ed\u017een\u00ed cenov\u00e9ho o\u010dek\u00e1v\u00e1n\u00ed p\u0159i prodej\u00edch firem na tamn\u00edm trhu,\u201c uv\u00e1d\u00ed Rehberger.<\/p>\n

Zat\u00edmco \u010desk\u00e9 hospod\u00e1\u0159stv\u00ed loni vzrostlo o\u00a02,5\u00a0procenta, tak n\u011bmeck\u00fd r\u016fst skom\u00edral na \u00farovni 0,2\u00a0procenta. Je\u0161t\u011b v\u011bt\u0161\u00ed rozd\u00edl mezi ob\u011bma ekonomikami byl v\u00a0p\u0159edchoz\u00edch dvou letech, kdy se N\u011bmecko propadlo do recese. Oproti tomu v\u00a0roce 2024\u00a0\u010desk\u00e1 ekonomika m\u00edrn\u011b rostla o\u00a01,3\u00a0procenta a\u00a0o rok d\u0159\u00edve stagnovala. Tuzemsk\u00e9 hospod\u00e1\u0159stv\u00ed m\u00e1 r\u016fst podle odhad\u016f rychleji ne\u017e n\u011bmeck\u00e9 i\u00a0v p\u0159\u00ed\u0161t\u00edch dvou letech.<\/p>\n

N\u011bmeck\u00e9 hospod\u00e1\u0159stv\u00ed t\u00e1hlo v\u00a0minul\u00fdch letech dol\u016f vy\u010derp\u00e1n\u00ed tamn\u00edho ekonomick\u00e9ho modelu, kter\u00fd roky t\u011b\u017eil z\u00a0dovozu levn\u00fdch rusk\u00fdch surovin a\u00a0v\u00fdvozu na \u010d\u00ednsk\u00fd trh. Po rusk\u00e9 agresi na Ukrajinu ale dovoz plynu a\u00a0ropy z\u00a0Ruska ustal, a\u00a0z \u010c\u00edny se naopak st\u00e1v\u00e1 konkurent, kdy\u017e nap\u0159\u00edklad \u010d\u00ednsk\u00e9 automobilky v\u00e1lcuj\u00ed v\u00a0elektromobilit\u011b sv\u00e9 n\u011bmeck\u00e9 rivaly.<\/p>\n

V\u00fdsledkem je snadn\u011bj\u0161\u00ed vstup \u010desk\u00fdch firem na n\u011bmeck\u00fd trh. \u201eSlab\u0161\u00ed makroekonomick\u00e9 prost\u0159ed\u00ed v\u00a0N\u011bmecku v\u00a0posledn\u00edch letech skute\u010dn\u011b vede k\u00a0tomu, \u017ee se na trhu objevuje v\u00edce p\u0159\u00edle\u017eitost\u00ed, zejm\u00e9na u\u00a0men\u0161\u00edch a\u00a0st\u0159edn\u011b velk\u00fdch firem,\u201c \u0159\u00edk\u00e1 mluv\u010d\u00ed skupiny BHM Lubom\u00edra \u010cern\u00e1 a\u00a0pokra\u010duje: \u201e\u0158ada z\u00a0nich m\u00e1 velmi kvalitn\u00ed produkty a\u00a0siln\u00e9 technologick\u00e9 know-how, ale funguje v\u00a0n\u00e1ro\u010dn\u011bj\u0161\u00edch ekonomick\u00fdch podm\u00ednk\u00e1ch ne\u017e d\u0159\u00edve, co\u017e zvy\u0161uje jejich otev\u0159enost k\u00a0prodeji.\u201c<\/p>\n

Podle \u010dlena p\u0159edstavenstva EAG a\u00a0zakladatele skupiny Axelor Pavla Svoren\u011b se po letech stagnace \u010di poklesu \u201eotev\u00edraj\u00ed dve\u0159e, kter\u00e9 byly d\u0159\u00edve zav\u0159en\u00e9\u201c. BHM i\u00a0EAG uv\u00e1d\u00ed, \u017ee koupen\u00e9 firmy jsou kvalitn\u00ed a\u00a0hodily se jim do portfolia. \u201eEkonomick\u00e9 prost\u0159ed\u00ed n\u00e1m nicm\u00e9n\u011b pomohlo v\u00a0tom, \u017ee vlastn\u00edci firem byli otev\u0159en\u011bj\u0161\u00ed jedn\u00e1n\u00ed o\u00a0prodeji, ne\u017e by tomu bylo v\u00a0dob\u011b ekonomick\u00e9ho r\u016fstu,\u201c p\u0159izn\u00e1v\u00e1 Svore\u0148.<\/p>\n

C\u00edlem \u010desk\u00fdch firem se v\u0161ak st\u00e1vaj\u00ed i\u00a0oslaben\u00e9 spole\u010dnosti z\u00a0n\u011bmeck\u00e9ho \u201eMittelstandu\u201c, co\u017e jsou men\u0161\u00ed a\u00a0st\u0159edn\u00ed rodinn\u00e9 firmy, kter\u00e9 tvo\u0159\u00ed p\u00e1te\u0159 n\u011bmeck\u00e9 ekonomiky. P\u0159edstavuj\u00ed polovinu v\u00fdkonu n\u011bmeck\u00e9 ekonomiky a\u00a0t\u00e9m\u011b\u0159 \u0161edes\u00e1t procent pracovn\u00edch m\u00edst. Jsou z\u00e1rove\u0148 motorem priv\u00e1tn\u00edch investic.<\/p>\n

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

\u201eEkonomick\u00fd pokles v\u00a0N\u011bmecku uvrhl mnoh\u00e9 podniky do situace, kde musej\u00ed uva\u017eovat o\u00a0zefektivn\u011bn\u00ed, nap\u0159\u00edklad odprodejem nekl\u00ed\u010dov\u00fdch aktiv a\u00a0v\u00fdrob. N\u011bkter\u00e9 podniky se dostaly i\u00a0do insolvence, co\u017e m\u016f\u017ee b\u00fdt p\u0159\u00edle\u017eitost pro mnoh\u00e9 \u010desk\u00e9 podnikatele z\u00edskat podnik, zna\u010dku, kterou dok\u00e1\u017eou d\u00e1l rozv\u00edjet,\u201c dopl\u0148uje D\u011bde\u010dek.<\/p>\n

Na rozd\u00edl od n\u011bmeck\u00fdch pak tuzemsk\u00e9 firmy naopak bohatly a\u00a0t\u011b\u017eily z\u00a0rychlej\u0161\u00edho r\u016fstu \u010desk\u00e9 ekonomiky. \u201eSt\u0159edoevropsk\u00e9 firmy kapit\u00e1lov\u011b a\u00a0mana\u017eersky zes\u00edlily a\u00a0v \u0159ad\u011b pr\u016fmyslov\u00fdch obor\u016f u\u017e nejsou vn\u00edm\u00e1ny jako lok\u00e1ln\u00ed hr\u00e1\u010di z\u00a0periferie, ale jako relevantn\u00ed strategi\u010dt\u00ed investo\u0159i,\u201c upozor\u0148uje \u010cern\u00e1. Podobn\u011b se vyjad\u0159uje i\u00a0Svore\u0148 a\u00a0dopl\u0148uje: \u201eZ\u00e1rove\u0148 se m\u011bn\u00ed vn\u00edm\u00e1n\u00ed\u00a0\u2013 \u010desk\u00e1 firma u\u017e nen\u00ed pro n\u011bmeck\u00e9ho partnera nezn\u00e1mou entitou, ale seri\u00f3zn\u00edm hr\u00e1\u010dem s\u00a0referencemi a\u00a0track recordem (maj\u00ed za sebou u\u017e \u0159adu transakc\u00ed, pozn. red.).\u201c<\/p>\n

Nep\u0159ipraven\u00e9 n\u00e1stupnictv\u00ed v\u00a0rodinn\u00fdch firm\u00e1ch<\/p>\n

\u010cesk\u00fdm investor\u016fm nav\u00edc hraje do karet stejn\u00fd trend, jak\u00fd je i\u00a0na \u010desk\u00e9m trhu. A\u00a0t\u00edm je n\u00e1stupnictv\u00ed v\u00a0rodinn\u00fdch firm\u00e1ch. Podle d\u0159\u00edv\u011bj\u0161\u00edho pr\u016fzkumu institutu ifo okolo 42\u00a0procent rodinn\u00fdch firem nem\u00e1 vy\u0159e\u0161eno p\u0159ed\u00e1n\u00ed firmy uvnit\u0159 rodiny.<\/p>\n

\u201eZ pohledu investor\u016f private equity<\/a> (soukrom\u00fd kapit\u00e1l, pozn. red.) mezigenera\u010dn\u00ed zm\u011bna hraje roli a\u00a0p\u0159edstavuje v\u00fdznamn\u00fd zdroj transak\u010dn\u00ed aktivity tak\u00e9 v\u00a0N\u011bmecku, co\u017e je p\u0159i velikosti n\u011bmeck\u00e9 ekonomiky a\u00a0sektoru mal\u00fdch a\u00a0st\u0159edn\u00edch firem velmi v\u00fdznamn\u00e1 mno\u017eina p\u0159\u00edle\u017eitost\u00ed,\u201c \u0159\u00edk\u00e1 Radan Hanzl, partner investi\u010dn\u00ed skupiny Genesis Capital<\/a>.<\/p>\n

Podobn\u00fd n\u00e1zor maj\u00ed i\u00a0dal\u0161\u00ed experti. \u201eV\u00fdrazn\u011b se prom\u011bnil n\u011bmeck\u00fd Mittelstand, kde mnoho firem \u0159e\u0161\u00ed genera\u010dn\u00ed obm\u011bnu a\u00a0hledaj\u00ed nov\u00e9 vlastn\u00edky, kte\u0159\u00ed zajist\u00ed jejich dal\u0161\u00ed rozvoj,\u201c komentuje Svore\u0148.<\/p>\n

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

Pr\u00e1v\u011b Genesis Capital ov\u0161em letos pos\u00edlila sv\u016fj t\u00fdm, kdy\u017e partnerem jmenovala J\u00f6rgena Hausbergera, kter\u00fd p\u016fsobil v\u00a0regionu n\u011bmecky mluv\u00edc\u00edch zem\u00edch. Skupina z\u00e1rove\u0148 ozn\u00e1mila vstup na n\u011bmeck\u00fd trh. \u201eN\u011bmecko p\u0159edstavuje p\u0159irozen\u00e9 roz\u0161\u00ed\u0159en\u00ed strategie Genesis Capital ve st\u0159edn\u00ed Evrop\u011b,\u201c popisuje Hanzl s\u00a0t\u00edm, \u017ee jde o\u00a0dlouhodob\u011bj\u0161\u00ed p\u0159\u00edstup a\u00a0ne o \u201emoment\u00e1ln\u00ed zaj\u00edmavost\u201c n\u011bmeck\u00e9ho trhu.<\/p>\n

A na kter\u00e9 sektory se \u010de\u0161t\u00ed investo\u0159i zam\u011b\u0159uj\u00ed? \u201eZ pohledu f\u00faz\u00ed a\u00a0akvizic nab\u00edz\u00ed N\u011bmecko \u0161irok\u00e9 spektrum kvalitn\u00edch st\u0159edn\u011b velk\u00fdch spole\u010dnost\u00ed v\u00a0oblasti v\u00fdroby, pr\u016fmyslov\u00fdch slu\u017eeb a\u00a0byznys slu\u017eeb,\u201c l\u00ed\u010d\u00ed Hanzl. Podle Rehbergera je z\u00e1jem zejm\u00e9na o\u00a0stroj\u00edrenstv\u00ed a\u00a0oblast spot\u0159ebitelsk\u00e9ho pr\u016fmyslu. Podobn\u011b l\u00ed\u010d\u00ed situaci i\u00a0D\u011bde\u010dek: \u201eVid\u00edme z\u00e1jem sp\u00ed\u0161e o\u00a0v\u00fdrobn\u00ed \u010di stroj\u00edrensk\u00e9 firmy se zak\u00e1zkami, kter\u00e9 je mo\u017en\u00e9 p\u0159esunout do v\u00fdrob v\u00a0\u010cesk\u00e9 republice, kde je mo\u017en\u00e9 tyto zak\u00e1zky realizovat s\u00a0vy\u0161\u0161\u00ed mar\u017e\u00ed.\u201c Z\u00e1jem je v\u0161ak podle n\u011bj i\u00a0o technologick\u00e9 firmy a\u00a0IT.<\/p>\n

P\u0159\u00edle\u017eitosti pro \u010desk\u00e9 investory vytv\u00e1\u0159\u00ed i\u00a0slo\u017eit\u00e1 ekonomick\u00e1 situace v\u00a0N\u011bmecku. \u201eMnoho n\u011bmeck\u00fdch firem se dost\u00e1v\u00e1 do opravdu t\u011b\u017ek\u00e9 situace a\u017e na pokraj p\u0159e\u017eit\u00ed. T\u00fdk\u00e1 se to zejm\u00e9na firem ve stroj\u00edrensk\u00e9m pr\u016fmyslu, a\u0165 u\u017e v\u00a0oblasti automobilov\u00e9ho pr\u016fmyslu, tak t\u011b\u017ek\u00e9ho stroj\u00edrenstv\u00ed, kde je velk\u00e1 energetick\u00e1 n\u00e1ro\u010dnost,\u201c popisuje Rehberger.<\/p>\n

Propad cen realit<\/p>\n

Za korekc\u00ed stoj\u00ed pr\u00e1v\u011b zv\u00fd\u0161en\u00ed \u00farok\u016f ECB ze z\u00e1porn\u00fdch hodnot a\u017e na \u010dty\u0159i procenta v\u00a0z\u00e1\u0159\u00ed 2023.\u00a0V\u00fdsledkem pak byl propad cen realit, jako jsou kancel\u00e1\u0159e, obchodn\u00ed centra apod. \u201eCeny v\u00a0n\u011bkter\u00fdch segmentech klesly o\u00a0patn\u00e1ct a\u017e dvacet procent,\u201c vy\u010d\u00edsluje Kysela.<\/p>\n

Krom\u011b dra\u017e\u0161\u00edho financov\u00e1n\u00ed k\u00a0poklesu p\u0159isp\u011bl i\u00a0jin\u00fd p\u0159\u00edstup k\u00a0pr\u00e1ci z\u00a0domova neboli home office. \u201eKancel\u00e1\u0159e jsou v\u00a0N\u011bmecku polopr\u00e1zdn\u00e9, proto\u017ee zam\u011bstnanci jsou na home office v\u00edce ne\u017e v\u00a0\u010cesku,\u201c dod\u00e1v\u00e1 Svore\u0148.<\/p>\n

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

\u0158ada z\u00e1padoevropsk\u00fdch fond\u016f tak podle Kysely \u010delila odliv\u016fm kapit\u00e1lu a\u00a0musela prod\u00e1vat \u201eza podm\u00ednek, kter\u00e9 by je\u0161t\u011b p\u0159ed n\u011bkolika lety nep\u0159ijala\u201c. Naopak komer\u010dn\u00ed reality v\u00a0\u010cesku poklesly b\u011bhem let energetick\u00e9 krize jen m\u00edrn\u011b a\u00a0do fond\u016f st\u00e1le p\u0159it\u00e9kaly nov\u00e9 pen\u00edze. \u201eTuto hotovost jsme c\u00edlen\u011b akumulovali pr\u00e1v\u011b pro moment, kdy se na vysp\u011bl\u00fdch trz\u00edch otev\u0159ou p\u0159\u00edle\u017eitosti, kter\u00e9 jsou za norm\u00e1ln\u00edch okolnost\u00ed pro st\u0159edoevropsk\u00e9ho investora nedostupn\u00e9,\u201c zd\u016fraz\u0148uje Kysela.<\/p>\n

I p\u0159es t\u011b\u017ekosti n\u011bmeck\u00e9ho hospod\u00e1\u0159stv\u00ed ale \u010de\u0161t\u00ed investo\u0159i v\u011b\u0159\u00ed v\u00a0jeho nastartov\u00e1n\u00ed. V\u00a0leto\u0161n\u00edm roce by m\u011bla n\u011bmeck\u00e1 ekonomika r\u016fst v\u00a0rozmez\u00ed 0,6\u00a0a\u017e 1,5\u00a0procenta. Nejm\u00e9n\u011b optimistick\u00e1 je podle anal\u00fdzy poradensk\u00e9 firmy KPMG centr\u00e1ln\u00ed banka Bundesbank, naopak nejvy\u0161\u0161\u00ed odhad m\u00e1 Hamburg World Economic Institute. V\u00a0p\u0159\u00ed\u0161t\u00edm roce by pak m\u011bla je\u0161t\u011b zrychlit. D\u016fvodem jsou vy\u0161\u0161\u00ed st\u00e1tn\u00ed v\u00fddaje ur\u010den\u00e9 pr\u00e1v\u011b na zrychlen\u00ed ekonomick\u00e9ho r\u016fstu.<\/p>\n

\u010ce\u0161i nav\u00edc podle D\u011bde\u010dka v\u011b\u0159\u00ed v\u00a0potenci\u00e1l n\u011bmeck\u00e9ho pr\u016fmyslu. N\u011bmeck\u00fd trh je v\u0161ak zaj\u00edmav\u00fd i\u00a0z dal\u0161\u00edch d\u016fvod\u016f. \u201eN\u011bmecko je jedna z\u00a0nejvysp\u011blej\u0161\u00edch ekonomik sv\u011bta s\u00a0kultivovanou kulturou podnik\u00e1n\u00ed a\u00a0pevnou legislativou,\u201c upozor\u0148uje Rehberger.<\/p>\n","protected":false},"excerpt":{"rendered":"Poradensk\u00e9 firmy dost\u00e1vaj\u00ed st\u00e1le v\u00edce popt\u00e1vek od \u010desk\u00fdch firem ohledn\u011b vstupu na n\u011bmeck\u00fd trh. \u201eMezi investory a\u00a0podnikateli je…\n","protected":false},"author":2,"featured_media":902,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[154,8434,15947,67,68,8005,15948,4141,15950,15951,15949,8437],"class_list":{"0":"post-39819","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-byznys","8":"tag-akvizice","9":"tag-axelor","10":"tag-bhm-group","11":"tag-business","12":"tag-byznys","13":"tag-daniel-kretinsky","14":"tag-ep-global-commerce","15":"tag-fuze","16":"tag-genesis-capital","17":"tag-nemecka-ekonomika","18":"tag-patrik-tkac","19":"tag-realitni-fondy"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116316753278766215","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/39819","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=39819"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/39819\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/902"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=39819"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=39819"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=39819"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}