Losses of Czech govt's factoring agency to reach 300 billion
The overall losses of the Czech government's factoring agency, the Czech Consolidation Agency CKA, are estimated at 300 billion CZK, or 10 billion USD, according to CKA board member Libor Svoboda. The losses will have to be covered from the state coffers. So far, CKA and its predecessor Consolidation Bank have cost Czech taxpayers around 170 billion crowns. The agency bails out companies the government considers important to save from bankruptcy.