However, Nawrocki could also go for broke and try to block the SAFE loan by pushing his domestic alternative, wrote political scientist Marek Migalski.
“The president’s initiative on ‘Polish SAFE’ is politically astute. It justifies the veto and gives his supporters an argument against the government, which not only wants to burden us with debt, but also wants to do so through the evil and deceitful EU,” he wrote on social media.
Glapiński said Thursday he intends to propose “measures” that would not cut the country’s foreign currency reserves while securing “tens of billions of złoty” each year for the state-run Armed Forces Support Fund, a vehicle to finance military modernization.
Glapiński is hemmed in by legal restrictions limiting the central bank’s ability to finance the budget, but his messaging suggests the NBP is readying a large-scale gold selloff. With 550 tons of gold stored in domestic and foreign vaults, the NBP is one of Europe’s top gold hoarders.
“[The NBP] signals a sell–buyback operation involving the central bank’s gold reserves. Although it would formally comply with central bank accounting rules, it could in practice be viewed as risky from the perspective of Poland’s credibility in financial markets,” ING Bank wrote in an analysis of the proposal.
“There’s nothing else [the NBP] can do,” a high-ranking government official told POLITICO, speaking on condition of anonymity, when asked if the plan involves selling gold.
Tusk on Thursday called on Nawrocki to sign the SAFE law without delay. “Poland, Polish companies, the employees of those companies and Poland’s security are waiting for money from the SAFE program … There is no room for any political games,” the PM said in a video on X.