{"id":108609,"date":"2026-06-13T00:24:31","date_gmt":"2026-06-12T22:24:31","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=108609"},"modified":"2026-06-12T13:13:09","modified_gmt":"2026-06-12T11:13:09","slug":"rekordni-urovne-statnich-dluhopisu-svet-se-topi-v-dluzich","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2026\/06\/13\/rekordni-urovne-statnich-dluhopisu-svet-se-topi-v-dluzich\/","title":{"rendered":"Rekordn\u00ed \u00farovn\u011b st\u00e1tn\u00edch dluhopis\u016f: Sv\u011bt se top\u00ed v dluz\u00edch"},"content":{"rendered":"
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Spir\u00e1la st\u00e1tn\u00edho dluhu se zrychluje. Jedna krize n\u00e1sleduje druhou, co\u017e vede k nekontrolovateln\u00fdm vl\u00e1dn\u00edm rozpo\u010dt\u016fm. Rostouc\u00ed \u00farokov\u00e9 sazby situaci zhor\u0161uj\u00ed. Jak dlouho to m\u016f\u017ee trvat?<\/span><\/strong><\/p>\n

Na sv\u011bt\u011b t\u00e9m\u011b\u0159 neexistuje zem\u011b, kter\u00e1 by se st\u00e1le py\u0161nila zdrav\u00fdmi ve\u0159ejn\u00fdmi financemi. T\u00e9m\u011b\u0159 v\u0161ude se pozornost soust\u0159ed\u00ed v\u00fdhradn\u011b na spr\u00e1vu st\u00e1vaj\u00edc\u00edch dluh\u016f, jejich refinancov\u00e1n\u00ed prost\u0159ednictv\u00edm nov\u00fdch dluhopis\u016f a hromad\u011bn\u00ed je\u0161t\u011b v\u011bt\u0161\u00edho mno\u017estv\u00ed platebn\u00edch z\u00e1vazk\u016f. Nov\u00e1\u00a0<\/span>anal\u00fdza agentury Bloomberg<\/span><\/a> tak\u00e9 ukazuje, \u017ee vl\u00e1dy v sou\u010dasn\u00e9 dob\u011b z\u00edsk\u00e1vaj\u00ed pen\u00edze rekordn\u00edm tempem prost\u0159ednictv\u00edm trhu se st\u00e1tn\u00edmi dluhopisy \u2013 a to i p\u0159esto, \u017ee \u00farokov\u00e9 sazby jsou v sou\u010dasnosti velmi vysok\u00e9. Je to proto, \u017ee v\u00fddaje rostou, zat\u00edmco p\u0159\u00edjmy sl\u00e1bnou.<\/span><\/p>\n

Suver\u00e9nn\u00ed emitenti ji\u017e letos (v prvn\u00ed polovin\u011b roku) um\u00edstili investor\u016fm prost\u0159ednictv\u00edm bank dluhopisy v hodnot\u011b 504 miliard dolar\u016f \u2013 co\u017e je nov\u00fd rekord. To dokonce p\u0159ekon\u00e1v\u00e1 prvn\u00ed polovinu roku 2020, kdy si vl\u00e1dy po cel\u00e9m sv\u011bt\u011b b\u011bhem karant\u00e9ny zp\u016fsoben\u00e9 pandemi\u00ed COVID-19 p\u016fj\u010dovaly obrovsk\u00e9 \u010d\u00e1stky. Rozpo\u010dtov\u00e9 deficity neust\u00e1le rostou od glob\u00e1ln\u00ed finan\u010dn\u00ed krize v letech 2008\/2009. B\u011bhem pandemie prudce vzrostly, kdy\u017e byly \u00farokov\u00e9 sazby sn\u00ed\u017eeny na rekordn\u011b n\u00edzk\u00e9 \u00farovn\u011b. Nyn\u00ed v\u0161ak, i kdy\u017e jsou \u00farokov\u00e9 sazby op\u011bt velmi vysok\u00e9, nov\u00e9 p\u016fj\u010dky dramaticky rostou.<\/span><\/p>\n

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Mezi d\u016fvody pat\u0159\u00ed masivn\u00ed vojensk\u00e9 v\u00fddaje (nap\u0159. v souvislosti s v\u00e1lkou na Ukrajin\u011b, ale tak\u00e9 s ohledem na krizi na Bl\u00edzk\u00e9m v\u00fdchod\u011b), stejn\u011b jako energetick\u00e1 krize a s n\u00ed spojen\u00e9 cenov\u00e9 \u0161oky. K tomu se p\u0159id\u00e1vaj\u00ed demografick\u00e9 zm\u011bny v industrializovan\u00fdch zem\u00edch (st\u00e1rnouc\u00ed populace, imigrace do syst\u00e9m\u016f soci\u00e1ln\u00edho zabezpe\u010den\u00ed) a rostouc\u00ed \u00farokov\u00e9 n\u00e1klady. Z\u00e1rove\u0148 obecn\u011b slab\u00fd hospod\u00e1\u0159sk\u00fd r\u016fst zp\u016fsobuje probl\u00e9my s p\u0159\u00edjmy.<\/span><\/p>\n

Zpr\u00e1va agentury Bloomberg<\/span><\/a>\u00a0se zam\u011b\u0159uje p\u0159edev\u0161\u00edm na tzv. syndikovan\u00e9 st\u00e1tn\u00ed dluhopisy, kter\u00e9 jsou investor\u016fm prod\u00e1v\u00e1ny prost\u0159ednictv\u00edm bank. Podle \u00fadaj\u016f OECD se v\u0161ak celkov\u00e1 finan\u010dn\u00ed situace zem\u00ed neust\u00e1le zhor\u0161uje. Bloomberg uv\u00e1d\u00ed, \u017ee It\u00e1lie byla nejv\u011bt\u0161\u00edm dlu\u017en\u00edkem na trhu syndikovan\u00fdch st\u00e1tn\u00edch dluhopis\u016f po dobu osmi z posledn\u00edch deseti let. V roce 2026 se zem\u011b op\u011bt um\u00edstila na \u010dele \u017eeb\u0159\u00ed\u010dku, kdy\u017e v prvn\u00ed polovin\u011b roku z\u00edskala t\u00e9m\u011b\u0159 70 miliard eur. N\u011bmecko, kter\u00e9 fakticky zru\u0161ilo svou slavnou dluhovou brzdu a p\u0159epsalo sv\u00e1 fisk\u00e1ln\u00ed pravidla ve prosp\u011bch masivn\u00edch v\u00fddajov\u00fdch program\u016f na obranu a infrastrukturu, ji\u017e prost\u0159ednictv\u00edm t\u0159\u00ed syndikovan\u00fdch emis\u00ed z\u00edskalo 14 miliard eur. Spojen\u00e9 kr\u00e1lovstv\u00ed, Belgie a Srbsko uskute\u010dnily sv\u00e9 dosud nejv\u011bt\u0161\u00ed obchody s dluhopisy. Mezi deset nejv\u011bt\u0161\u00edch emitent\u016f roku pat\u0159\u00ed tak\u00e9 Austr\u00e1lie a Mexiko.<\/span><\/p>\n

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Vzhledem k tomuto v\u00fdvoji nen\u00ed ot\u00e1zkou ani tak to, zda tento syst\u00e9m nakonec dos\u00e1hne neudr\u017eiteln\u00e9 \u00farovn\u011b, jako sp\u00ed\u0161e kdy k tomu dojde. Spolehliv\u00e9 p\u0159edpov\u011bdi jsou nemo\u017en\u00e9, proto\u017ee hraje roli p\u0159\u00edli\u0161 mnoho faktor\u016f a odolnost syst\u00e9mu by se nem\u011bla podce\u0148ovat \u2013 ale jednoho dne se sc\u00e9n\u00e1\u0159e, jako je hyperinflace nebo rozs\u00e1hl\u00e9 st\u00e1tn\u00ed bankroty, stanou realitou.<\/span><\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

Spir\u00e1la st\u00e1tn\u00edho dluhu se zrychluje. Jedna krize n\u00e1sleduje druhou, co\u017e vede k nekontrolovateln\u00fdm vl\u00e1dn\u00edm rozpo\u010dt\u016fm….<\/p>\n","protected":false},"author":2,"featured_media":108610,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[1181,1503,276],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/108609"}],"collection":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/comments?post=108609"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/108609\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/108610"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=108609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=108609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=108609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}