Government says EU crisis intervention is excessive

The Czech government has criticized the extent of EU crisis intervention, arguing that it could lead to distortions on the market. Speaking on the eve of an EU summit on crisis aid to the financial sector, Prime Minister Mirek Topolánek said he was ready to be “tough” in using his veto to oppose any proposal put by eurozone countries to all 27 EU members that goes beyond the framework of “basic common sense”. Finance Minister Miroslav Kalousek said the Czech Republic was prepared to increase the guarantee on savings accounts up to 100,000 euros only if other EU members backpedaled on providing blanket guarantees. On Tuesday the government approved a proposal to provide guarantees of up to 50,000 euros.