Czech Republic on a loan

We are by now used to Jiří Paroubek in politics, and we know that he is not stranger to great political somersaults. First he launched radar negotiations with the United States, then he changed his mind and became a staunch opponent of the project. He demonstrated a similar change of heart when it came to sending out Czech troops on foreign missions. At first he was in favour. Then he was against. But his last turnaround was still somewhat surprising. Up until now Paroubek presented himself as a pro-European politician and backed this up by calling for a quick euro adoption. But that is no longer the case.

"I have begun to see this issue differently than three quarters of a year ago," said the opposition leader in a television debate several days ago, in response to the question whether the ČSSD would try to make a quick transition to the euro. He then explained the reasons behind his change of opinion: By adopting the euro, the Czech Republic commits to maintaining a maximum state budget deficit of 3% of GDP and these "strict" conditions would keep the future government "tethered" when it comes to spending. According to Paroubek, this would lead to "slashing pensions and social spending", something that is, according to Paroubek, "unacceptable" at a time of financial crisis, which has a negative impact, above all, on "low income groups". …