President Klaus slams global leaders for ‘raising panic’ in time of financial downturn

Czech President Václav Klaus has spoken out against the hefty financial stimulus packages being implemented by political leaders around the world in the face of an economic downturn. In an article in the newspaper Mladá fronta Dnes, Mr Klaus also accused world leaders of ‘raising panic’ at a time of crisis. He reiterated his calls for less, and not more, regulation of financial markets in a time of recession. The president warned against throwing money at the economy which ‘our children and grandchildren will have to repay’. Last month President Václav Klaus likened the current financial downturn to a flu, which goes away in seven days, whether you treat it or not. On Thursday, the Czech president said that politicians should stop meeting for ‘merely demonstrative’ summits, which only ‘increased panic’.