So, we are going to have a pension reform. At least that's what the Ministry of Labor and Social Affairs is saying. However, for the time being it means an "independent" social insurance fund only. For the Ministry, there is no pain necessary and the pay-as-you-go system is perfectly sound in the Czech Republic unlike elsewhere in Europe. One wonders, what makes the Czech pension system so miraculous…
The head of the anti-corruption police unit has been removed and he files a suit with the Ministry of Interior for engineering the removal.
Nomura plans to sell its stake in the failed IPB to a friendly company so it can show that the shares are still valuable. No joking, apparently.
The Czech koruna is stuck at 35.30 CZK/EUR and nothing is seem able to move it, not even favorable PPI in July (+0.3% m-to-m).The euro weakened again on Friday to 0.902 USD/EUR, so the dollar rose above the 39 CZK/EUR level again.
(Ondrej Schneider and Michal Michalov)