{"id":94819,"date":"2025-12-18T00:20:34","date_gmt":"2025-12-17T23:20:34","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=94819"},"modified":"2025-12-17T16:35:24","modified_gmt":"2025-12-17T15:35:24","slug":"skryto-pred-zraky-toto-jsou-domaci-i-zahranicni-veritele-nemeckeho-statniho-dluhu","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2025\/12\/18\/skryto-pred-zraky-toto-jsou-domaci-i-zahranicni-veritele-nemeckeho-statniho-dluhu\/","title":{"rendered":"Skryto p\u0159ed zraky: Toto jsou dom\u00e1c\u00ed i zahrani\u010dn\u00ed v\u011b\u0159itel\u00e9 n\u011bmeck\u00e9ho st\u00e1tn\u00edho dluhu!"},"content":{"rendered":"
<\/div>\n

St\u00e1tn\u00ed dluh\u00a0<\/span><\/strong>p\u0159esahuje 2,5 bilionu eur\u00a0<\/strong><\/span>\u2013 a konec je v nedohlednu. P\u0159esto se t\u00e9m\u011b\u0159 nikdo nept\u00e1:\u00a0<\/span><\/strong>Kdo jsou v\u011b\u0159itel\u00e9 N\u011bmecka?\u00a0<\/span><\/strong>Kdo p\u016fj\u010duje na\u0161emu st\u00e1tu pen\u00edze \u2013 a kdo vyb\u00edr\u00e1 \u00faroky z kapes da\u0148ov\u00fdch poplatn\u00edk\u016f? Za t\u011bmito ot\u00e1zkami se skr\u00fdv\u00e1 obrovsk\u00e1 \u010dern\u00e1 sk\u0159\u00ed\u0148ka. T\u00e9m\u011b\u0159 \u017e\u00e1dn\u00fd jin\u00fd industrializovan\u00fd st\u00e1t nen\u00ed tak nepr\u016fhledn\u00fd ohledn\u011b\u00a0<\/span><\/strong>toho, kdo ve skute\u010dnosti financuje vl\u00e1dn\u00ed dluh<\/span><\/strong>\u00a0.\u00a0<\/span>Je na\u010dase na to vrhnout trochu sv\u011btla!<\/span><\/strong><\/p>\n

Na konci roku 2024 dos\u00e1hl st\u00e1tn\u00ed dluh ji\u017e v\u00edce ne\u017e 2,5 bilionu eur \u2013 to je 2,5 bilionu eur! V stroh\u00fdch \u010d\u00edslech: 2 500 000 000 000 eur. A trend je vzestupn\u00fd. Feder\u00e1ln\u00ed vl\u00e1da pl\u00e1nuje v roce 2025 sv\u016fj dluh op\u011bt v\u00fdrazn\u011b nav\u00fd\u0161it: prost\u0159ednictv\u00edm nov\u00fdch st\u00e1tn\u00edch dluhopis\u016f m\u00e1 b\u00fdt z\u00edsk\u00e1no v\u00edce ne\u017e 400 miliard eur.<\/span><\/p>\n

N\u011bmecko tedy \u017eije na dluh \u2013 do t\u00e9 m\u00edry, \u017ee si toho mnoho ob\u010dan\u016f neuv\u011bdomuje. Proto\u017ee dluh nejsou jen \u010d\u00edsla na pap\u00ed\u0159e. Za ka\u017edou miliardou stoj\u00ed v\u011b\u0159itel \u2013 investor, banka, centr\u00e1ln\u00ed banka nebo zahrani\u010dn\u00ed fond. V\u0161ichni maj\u00ed n\u00e1roky na budoucnost na\u0161\u00ed zem\u011b.<\/span><\/p>\n

Skute\u010dn\u00e1 transparentnost je u\u017e d\u00e1vno pot\u0159ebn\u00e1.<\/span><\/h3>\n

Z\u00e1sadn\u00ed ot\u00e1zky v\u0161ak z\u016fst\u00e1vaj\u00ed politiky nezodpov\u011bzeny \u2013 a mainstreamov\u00e1 m\u00e9dia nebo takzvan\u00ed \u201eekonomick\u00ed a finan\u010dn\u00ed experti\u201c si je n\u00e1padn\u011b z\u0159\u00eddka kladou: Kdo jsou vlastn\u011b dom\u00e1c\u00ed a zahrani\u010dn\u00ed v\u011b\u0159itel\u00e9 t\u00e9to obrovsk\u00e9 hory dluh\u016f? Kdo dr\u017e\u00ed n\u011bmeck\u00e9 st\u00e1tn\u00ed dluhopisy, kdo profituje z \u00farok\u016f a kdo v kone\u010dn\u00e9m d\u016fsledku ovl\u00e1d\u00e1 na\u0161i finan\u010dn\u00ed suverenitu?\u00a0<\/span><\/p>\n

Ofici\u00e1ln\u00ed statistiky z velk\u00e9 \u010d\u00e1sti ml\u010d\u00ed. Transparentn\u00edch informac\u00ed je m\u00e1lo. Proto je nejvy\u0161\u0161\u00ed \u010das se na to pod\u00edvat bl\u00ed\u017ee.\u00a0<\/span><\/p>\n

Na z\u00e1klad\u011b dostupn\u00fdch dat a pr\u016fzkum\u016f se tento \u010dl\u00e1nek pokou\u0161\u00ed osv\u011btlit temnotu obklopuj\u00edc\u00ed dluhovou z\u00e1vislost N\u011bmecka \u2013 a uk\u00e1zat, pro\u010d je skute\u010dn\u00e1 transparentnost u\u017e d\u00e1vno pot\u0159ebn\u00e1!<\/span><\/p>\n

\u010cern\u00e1 sk\u0159\u00ed\u0148ka v\u011b\u0159itel\u016f<\/span><\/h3>\n

Jak ji\u017e bylo zm\u00edn\u011bno, kdo p\u0159esn\u011b tito v\u011b\u0159itel\u00e9 jsou, z\u016fst\u00e1v\u00e1 do zna\u010dn\u00e9 m\u00edry nejasn\u00e9. Neexistuj\u00ed \u017e\u00e1dn\u00e9 podrobn\u00e9 ve\u0159ejn\u00e9 statistiky o tom, kdo N\u011bmecko ve skute\u010dnosti financuje.<\/span><\/p>\n

Aktu\u00e1ln\u00ed studie\u00a0<\/span>\u201eV\u011b\u0159itel\u00e9 n\u011bmeck\u00e9ho st\u00e1tn\u00edho dluhu \u2013 aktualizace 2025\u201c<\/span><\/em>\u00a0N\u011bmeck\u00e9ho institutu da\u0148ov\u00fdch poplatn\u00edk\u016f (DSi) jej proto ozna\u010duje jako \u201e\u010dernou sk\u0159\u00ed\u0148ku\u201c. A provedl vlastn\u00ed \u0161et\u0159en\u00ed.<\/span><\/p>\n

To jsou v\u011b\u0159itel\u00e9 dom\u00e1c\u00edch bank<\/span><\/h3>\n

Faktem je, \u017ee feder\u00e1ln\u00ed vl\u00e1da, st\u00e1ty a obce se zadlu\u017euj\u00ed p\u0159edev\u0161\u00edm bu\u010f \u010derp\u00e1n\u00edm \u00fav\u011br\u016f od komer\u010dn\u00edch bank, nebo prodejem vlastn\u00edch dluhopis\u016f na trz\u00edch s cenn\u00fdmi pap\u00edry.<\/span><\/p>\n

Konkr\u00e9tn\u00ed v\u011b\u0159itel\u00e9 a kupci dluhopis\u016f v\u0161ak z\u016fst\u00e1vaj\u00ed nev\u00eddan\u00ed. N\u00e1sleduj\u00edc\u00ed dom\u00e1c\u00ed banky jsou obzvl\u00e1\u0161t\u011b pravd\u011bpodobn\u00fdmi p\u0159\u00edm\u00fdmi v\u011b\u0159iteli:\u00a0<\/span><\/p>\n

    \n
  • Soukrom\u00e9 banky\u00a0<\/span><\/li>\n
  • St\u00e1tn\u00ed banky\u00a0<\/span><\/li>\n
  • Dru\u017estevn\u00ed banky\u00a0<\/span><\/li>\n
  • Spo\u0159itelny\u00a0<\/span><\/li>\n<\/ul>\n

    Investo\u0159i obvykle investuj\u00ed do st\u00e1tn\u00edch dluhopis\u016f a podobn\u00fdch \u00faro\u010den\u00fdch cenn\u00fdch pap\u00edr\u016f:\u00a0<\/span><\/p>\n

      \n
    • Dom\u00e1c\u00ed a zahrani\u010dn\u00ed centr\u00e1ln\u00ed a komer\u010dn\u00ed banky<\/span><\/li>\n
    • Poji\u0161t\u011bn\u00ed\u00a0<\/span><\/li>\n
    • Penzijn\u00ed fond\u00a0<\/span><\/li>\n
    • suver\u00e9nn\u00ed investi\u010dn\u00ed fond\u00a0<\/span><\/li>\n
    • Penzijn\u00ed fond\u00a0<\/span><\/li>\n
    • Soukrom\u00e9 osoby, kter\u00e9 nap\u0159\u00edklad nakupuj\u00ed feder\u00e1ln\u00ed cenn\u00e9 pap\u00edry p\u0159\u00edmo nebo prost\u0159ednictv\u00edm penzijn\u00edch fond\u016f<\/span><\/li>\n<\/ul>\n

      Toto jsou v\u011b\u0159itel\u00e9 n\u011bmeck\u00e9ho gigantick\u00e9ho dluhu<\/span><\/h3>\n

      Na za\u010d\u00e1tku roku 2025 vzrostl n\u011bmeck\u00fd dluh (definovan\u00fd maastrichtsk\u00fdmi krit\u00e9rii) na p\u0159ibli\u017en\u011b 2,7 bilionu eur.\u00a0<\/span><\/p>\n

      Dostupn\u00e9 \u00fadaje vykresluj\u00ed znepokojiv\u00fd obraz:<\/span><\/p>\n

      \n\n\n\n\n\n\n\n\n\n
      Skupina v\u011b\u0159itel\u016f<\/span><\/strong><\/td>\nObjem (v miliard\u00e1ch EUR)<\/span><\/strong><\/td>\nPod\u00edl na celkov\u00e9m dluhu<\/span><\/strong><\/td>\n<\/tr>\n
      Zahrani\u010dn\u00ed v\u011b\u0159itel\u00e9<\/span><\/td>\n\u2248 1,32 bilionu \u20ac<\/span><\/td>\n\u2248 49 %<\/span><\/td>\n<\/tr>\n
      Dom\u00e1c\u00ed komer\u010dn\u00ed banky<\/span><\/td>\n\u2248\u00a0<\/span>605 miliard EUR<\/span><\/td>\n\u2248 22 %<\/span><\/td>\n<\/tr>\n
      Dom\u00e1c\u00ed poji\u0161\u0165ovny a fondy<\/span><\/td>\n\u2248\u00a0<\/span>206 miliard EUR<\/span><\/td>\n\u2248 8 %<\/span><\/td>\n<\/tr>\n
      Ostatn\u00ed dom\u00e1c\u00ed v\u011b\u0159itel\u00e9<\/span><\/td>\n\u2248 77 miliard EUR<\/span><\/td>\n\u2248 3 %<\/span><\/td>\n<\/tr>\n
      N\u011bmeck\u00e1 feder\u00e1ln\u00ed banka<\/span><\/td>\n\u2248\u00a0<\/span>492 miliard EUR<\/span><\/td>\n\u2248 18 %<\/span><\/td>\n<\/tr>\n
      \u00dahrnem<\/span><\/strong><\/td>\n\u2248 2,7 bilionu EUR<\/span><\/strong><\/td>\n100 %<\/span><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

      (Zdroj: N\u011bmeck\u00fd institut da\u0148ov\u00fdch poplatn\u00edk\u016f, DSi compact \u010d. 46, aktualizov\u00e1no 2025)<\/span><\/em><\/p>\n

      Nejv\u011bt\u0161\u00ed v\u011b\u0159itel s\u00eddl\u00ed ve Frankfurtu.<\/span><\/h3>\n

      Obzvl\u00e1\u0161t\u011b explozivn\u00ed: Pod\u00edl n\u011bmeck\u00e9 Bundesbanky v posledn\u00edch letech explozivn\u011b vzrostl.<\/span><\/p>\n

      Zat\u00edmco v roce 2005 dr\u017eela st\u00e1tn\u00ed dluhopisy v hodnot\u011b pouh\u00fdch 9 miliard eur (m\u00e9n\u011b ne\u017e 1 %), jej\u00ed dne\u0161n\u00ed objem st\u00e1tn\u00edho dluhu \u010din\u00ed zhruba 605 miliard eur.<\/span><\/p>\n

      To ukazuje, \u017ee n\u011bmeck\u00fd st\u00e1t se st\u00e1le v\u00edce financuje s\u00e1m, p\u0159esn\u011bji \u0159e\u010deno prost\u0159ednictv\u00edm Evropsk\u00e9 centr\u00e1ln\u00ed banky (ECB) a n\u00e1rodn\u00edho centr\u00e1ln\u00edho bankovn\u00edho syst\u00e9mu. Jin\u00fdmi slovy: pen\u00edze se tisknou na spl\u00e1cen\u00ed dluh\u016f.<\/span><\/p>\n

      To nen\u00ed nic jin\u00e9ho ne\u017e monet\u00e1rn\u00ed financov\u00e1n\u00ed st\u00e1tu zadn\u00edmi vr\u00e1tky \u2013 nebezpe\u010dn\u00fd postup, kter\u00fd sice kr\u00e1tkodob\u011b vytv\u00e1\u0159\u00ed likviditu, ale dlouhodob\u011b generuje inflaci, z\u00e1vislosti a ztr\u00e1ty hodnoty.<\/span><\/p>\n

      Skupina v\u011b\u0159itel\u016f: Poji\u0161\u0165ovny v tuzemsku i v zahrani\u010d\u00ed<\/span><\/h3>\n

      Poji\u0161\u0165ovny se spol\u00e9haj\u00ed na bezpe\u010dn\u00e9 a stabiln\u00ed investice. Proto dluhopisy s nejvy\u0161\u0161\u00edm \u00fav\u011brov\u00fdm ratingem \u2013 zejm\u00e9na n\u011bmeck\u00e9 st\u00e1tn\u00ed dluhopisy \u2013 z\u016fst\u00e1vaj\u00ed mezi jejich preferovan\u00fdmi investicemi.\u00a0<\/span><\/p>\n

      V publikovan\u00fdch obchodn\u00edch zpr\u00e1v\u00e1ch se v\u0161ak tyto polo\u017eky obvykle objevuj\u00ed pouze v agregovan\u00e9 podob\u011b, bez podrobn\u00e9ho rozd\u011blen\u00ed podle jednotliv\u00fdch zem\u00ed.<\/span><\/p>\n

      P\u0159\u00edklady poji\u0161\u0165oven jako v\u011b\u0159itel\u016f:<\/span><\/p>\n

      \n\n\n\n\n\n\n\n\n\n
      instituce<\/span><\/th>\nHodnota dr\u017een\u00fdch n\u011bmeck\u00fdch st\u00e1tn\u00edch dluhopis\u016f<\/span><\/th>\n<\/tr>\n<\/thead>\n
      aliance<\/span><\/strong><\/td>\n23,6 miliardy eur<\/span><\/td>\n<\/tr>\n
      Mnichov Re<\/span><\/strong><\/td>\n15,7 miliardy eur<\/span><\/td>\n<\/tr>\n
      AXA (Francie)<\/span><\/strong><\/td>\n12,7 miliardy eur<\/span><\/td>\n<\/tr>\n
      AIG (USA)<\/span><\/strong><\/td>\n0,8 miliardy eur<\/span><\/td>\n<\/tr>\n
      Chubb Limited (\u0160v\u00fdcarsko)<\/span><\/strong><\/td>\n0,6 miliardy eur<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

      V\u011b\u0159itelsk\u00e1 skupina penzijn\u00edch fond\u016f v tuzemsku i v zahrani\u010d\u00ed<\/span><\/h3>\n

      Podobn\u011b jako poji\u0161\u0165ovny investuj\u00ed i \u200b\u200bpenzijn\u00ed fondy n\u011bkdy do n\u011bmeck\u00fdch st\u00e1tn\u00edch dluhopis\u016f, aby zajistily pohled\u00e1vky klient\u016f. V tomto p\u0159\u00edpad\u011b investuj\u00ed \u010d\u00e1ste\u010dn\u011b i mimo Evropu.\u00a0<\/span><\/p>\n

      P\u0159\u00edklady penzijn\u00edch fond\u016f jako v\u011b\u0159itel\u016f:<\/span><\/p>\n

      \n\n\n\n\n\n\n\n\n\n\n\n\n
      instituce<\/span><\/th>\nHodnota dr\u017een\u00fdch n\u011bmeck\u00fdch st\u00e1tn\u00edch dluhopis\u016f<\/span><\/th>\n<\/tr>\n<\/thead>\n
      Bavorsk\u00fd penzijn\u00ed fond<\/span><\/strong><\/td>\n\u017d\u00e1dn\u00e9 informace k dispozici!<\/span><\/td>\n<\/tr>\n
      Penzijn\u00ed fond BASF<\/span><\/strong><\/td>\n\u017d\u00e1dn\u00e9 informace k dispozici!<\/span><\/td>\n<\/tr>\n
      VBL \u2013 Penzijn\u00ed fond feder\u00e1ln\u00ed vl\u00e1dy a spolkov\u00fdch zem\u00ed<\/span><\/strong><\/td>\n\u017d\u00e1dn\u00e9 informace k dispozici!<\/span><\/td>\n<\/tr>\n
      Zahrani\u010d\u00ed:<\/span>
      \nNizozemsk\u00fd penzijn\u00ed fond PFZW<\/span><\/strong><\/td>\n      		\n19,1 miliardy eur<\/span><\/td>\n<\/tr>\n
      Nizozemsk\u00fd penzijn\u00ed fond ABP<\/span><\/strong><\/td>\n18,7 miliardy eur<\/span><\/td>\n<\/tr>\n
      D\u00e1nsk\u00fd penzijn\u00ed fond ATP<\/span><\/strong><\/td>\n18,3 miliardy eur<\/span><\/td>\n<\/tr>\n
      \u0160v\u00e9dsk\u00fd penzijn\u00ed fond AP2<\/span><\/strong><\/td>\n0,03 miliardy EUR<\/span><\/td>\n<\/tr>\n
      Texask\u00fd penzijn\u00ed fond u\u010ditel\u016f (TRS)<\/span><\/strong><\/td>\n0,03 miliardy EUR<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

      Skupina v\u011b\u0159itel\u016f suver\u00e9nn\u00edch investi\u010dn\u00edch fond\u016f v tuzemsku i v zahrani\u010d\u00ed<\/span><\/h3>\n

      \u010cetn\u00e9 suver\u00e9nn\u00ed investi\u010dn\u00ed fondy po cel\u00e9m sv\u011bt\u011b investuj\u00ed sv\u00e9 obrovsk\u00e9 p\u0159\u00edjmy z ropn\u00e9ho a plyn\u00e1rensk\u00e9ho sektoru \u2013 nap\u0159\u00edklad fondy z Kuvajtu, Kataru, Sa\u00fadsk\u00e9 Ar\u00e1bie, Om\u00e1nu, Kazachst\u00e1nu a Spojen\u00fdch arabsk\u00fdch emir\u00e1t\u016f. Je pravd\u011bpodobn\u00e9, \u017ee tyto fondy dr\u017e\u00ed ve sv\u00fdch portfoli\u00edch tak\u00e9 n\u011bmeck\u00e9 st\u00e1tn\u00ed dluhopisy.\u00a0<\/span><\/p>\n

      P\u0159\u00edklady st\u00e1tn\u00edch investi\u010dn\u00edch fond\u016f jako v\u011b\u0159itel\u016f\u00a0<\/span><\/p>\n

      \n\n\n\n\n\n\n\n
      instituce<\/span><\/th>\nHodnota dr\u017een\u00fdch n\u011bmeck\u00fdch st\u00e1tn\u00edch dluhopis\u016f<\/span><\/th>\n<\/tr>\n<\/thead>\n
      Norsk\u00fd st\u00e1tn\u00ed investi\u010dn\u00ed fond<\/span><\/strong><\/td>\n22,8 miliardy eur<\/span><\/td>\n<\/tr>\n
      \u00c1zerb\u00e1jd\u017e\u00e1nsk\u00fd suver\u00e9nn\u00ed investi\u010dn\u00ed fond<\/span><\/strong><\/td>\n1,1 miliardy eur<\/span><\/td>\n<\/tr>\n
      Chilsk\u00fd st\u00e1tn\u00ed investi\u010dn\u00ed fond<\/span><\/strong><\/td>\n0,4 miliardy eur<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

      V\u011b\u0159itelsk\u00e1 skupina penzijn\u00edch fond\u016f v tuzemsku i v zahrani\u010d\u00ed<\/span><\/h3>\n

      Pro investory s averz\u00ed k riziku nebo pro ty s kr\u00e1tkodob\u00fdm investi\u010dn\u00edm horizontem je k dispozici \u0159ada dluhopisov\u00fdch fond\u016f. V z\u00e1vislosti na sv\u00e9m zam\u011b\u0159en\u00ed tyto fondy investuj\u00ed ve v\u011bt\u0161\u00ed \u010di men\u0161\u00ed m\u00ed\u0159e do st\u00e1tn\u00edch dluhopis\u016f a cenn\u00fdch pap\u00edr\u016f.<\/span><\/p>\n

      Spole\u010dnosti investuj\u00edc\u00ed do fond\u016f pravideln\u011b zve\u0159ej\u0148uj\u00ed podrobn\u00e9 zpr\u00e1vy, kter\u00e9 zve\u0159ej\u0148uj\u00ed sv\u00e1 individu\u00e1ln\u00ed portfolia cenn\u00fdch pap\u00edr\u016f. To investor\u016fm umo\u017e\u0148uje p\u0159esn\u011b pochopit, do kter\u00fdch st\u00e1tn\u00edch dluhopis\u016f je jejich kapit\u00e1l investov\u00e1n.<\/span><\/p>\n

      \n\n\n\n
      Instituce \/ Fond<\/span><\/th>\nHodnota dr\u017een\u00fdch n\u011bmeck\u00fdch st\u00e1tn\u00edch dluhopis\u016f<\/span><\/th>\n<\/tr>\n<\/thead>\n<\/table>\n<\/figure>\n
      \n\n\n\n
      Tuzemsko:<\/span>
      \nUnion Investment \/ UniEuroRenta<\/span><\/strong><\/td>\n      		\n1,368 miliardy eur<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n
      \n\n\n\n
      Deka-VarioInvest TF<\/span><\/strong><\/td>\n0,005 miliardy EUR<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n
      \n\n\n\n
      Zahrani\u010d\u00ed:<\/span>
      \nPIMCO Euro Short-Term Fund<\/span><\/strong><\/td>\n      		\n0,609 miliardy eur<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n
      \n\n\n\n
      BlackRock \/ iShares N\u011bmeck\u00e9 st\u00e1tn\u00ed dluhopisy \/ UCITS ETF<\/span><\/strong><\/td>\n0,200 miliardy EUR<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

      Skupina v\u011b\u0159itel\u016f: Komer\u010dn\u00ed banky v tuzemsku i v zahrani\u010d\u00ed<\/span><\/h3>\n

      N\u011bmeck\u00e9 komer\u010dn\u00ed banky se v\u00fdrazn\u011b v\u00edce pod\u00edlej\u00ed na poskytov\u00e1n\u00ed \u00fav\u011br\u016f feder\u00e1ln\u00ed vl\u00e1d\u011b, spolkov\u00fdm zem\u00edm a obc\u00edm ne\u017e na p\u0159\u00edm\u00e9m obchodov\u00e1n\u00ed se st\u00e1tn\u00edmi dluhopisy. Jin\u00fdmi slovy, mnoho bank financuje vl\u00e1du prost\u0159ednictv\u00edm \u00fav\u011br\u016f sp\u00ed\u0161e ne\u017e cenn\u00fdmi pap\u00edry\u00a0<\/span>.<\/span><\/strong><\/p>\n

      P\u0159\u00edklady komer\u010dn\u00edch bank jako v\u011b\u0159itel\u016f:<\/span><\/p>\n

      \n\n\n\n
      instituce<\/span><\/th>\nN\u011bmeck\u00e9 st\u00e1tn\u00ed dluhopisy<\/span><\/th>\nBankovn\u00ed \u00fav\u011bry (tuzemsk\u00e9)<\/span><\/th>\n<\/tr>\n<\/thead>\n<\/table>\n<\/figure>\n
      \n\n\n\n
      Dom\u00e1c\u00ed:<\/span>
      \nDeutsche Bank<\/span><\/strong><\/td>\n      		\n1,8 miliardy eur<\/span><\/td>\n\n3,1 miliardy eur<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n
      \n\n\n\n
      Helaba<\/span><\/strong><\/td>\n\u017d\u00e1dn\u00e9 informace k dispozici!<\/span><\/td>\n33,3 miliardy eur<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n
      \n\n\n\n
      N\u00edzk\u00e1 hmotnost (LBBW)<\/span><\/strong><\/td>\n\u017d\u00e1dn\u00e9 informace k dispozici!<\/span><\/td>\n16,3 miliardy eur<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n
      \n\n\n\n
      Spo\u0159itelna K\u00f6lnBonn<\/span><\/strong><\/td>\n\u017d\u00e1dn\u00e9 informace nejsou k dispozici.<\/span><\/td>\n1,6 miliardy eur<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n
      \n\n\n\n
      V zahrani\u010d\u00ed:<\/span>
      \nGoldman Sachs<\/span><\/strong><\/td>\n      		\n20,4 miliardy eur<\/span><\/td>\n\n\u2013<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n
      \n\n\n\n
      UniCredit<\/span><\/strong><\/td>\n7,6 miliardy eur<\/span><\/td>\n\u2013<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n
      \n\n\n\n
      UBS<\/span><\/strong><\/td>\n\u017d\u00e1dn\u00e9 informace k dispozici!<\/span><\/td>\n\u2013<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n
      \n\n\n\n
      JPMorgan<\/span><\/strong><\/td>\n\u017d\u00e1dn\u00e9 informace k dispozici!<\/span><\/td>\n\u2013<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

      Skupina v\u011b\u0159itel\u016f: Centr\u00e1ln\u00ed banky v zahrani\u010d\u00ed<\/span><\/h3>\n

      Centr\u00e1ln\u00ed banky dr\u017e\u00ed st\u00e1tn\u00ed dluhopisy p\u0159edev\u0161\u00edm z d\u016fvod\u016f m\u011bnov\u00e9 politiky. Ne v\u0161echny v\u0161ak byly ochotny poskytnout informace.<\/span><\/p>\n

      P\u0159\u00edklady zahrani\u010dn\u00edch centr\u00e1ln\u00edch bank jako v\u011b\u0159itel\u016f:<\/span><\/p>\n

      \n\n\n\n\n\n\n\n\n\n\n
      instituce<\/span><\/strong><\/td>\nHodnota dr\u017een\u00fdch n\u011bmeck\u00fdch st\u00e1tn\u00edch dluhopis\u016f\u00a0<\/span><\/strong><\/td>\n<\/tr>\n
      Centr\u00e1ln\u00ed banka \u0160v\u00e9dska<\/span><\/td>\n8,3 miliardy eur<\/span><\/td>\n<\/tr>\n
      Centr\u00e1ln\u00ed banka Norska<\/span><\/td>\n7,6 miliardy eur<\/span><\/td>\n<\/tr>\n
      Centr\u00e1ln\u00ed banka Nov\u00e9ho Z\u00e9landu<\/span><\/td>\n0,9 miliardy eur<\/span><\/td>\n<\/tr>\n
      Centr\u00e1ln\u00ed banka Austr\u00e1lie<\/span><\/td>\n0,9 miliardy eur<\/span><\/td>\n<\/tr>\n
      Centr\u00e1ln\u00ed banka Anglie<\/span><\/td>\n\u017d\u00e1dn\u00e9 informace k dispozici!<\/span><\/td>\n<\/tr>\n
      Centr\u00e1ln\u00ed banka Japonska<\/span><\/td>\n\u017d\u00e1dn\u00e9 informace k dispozici!<\/span><\/td>\n<\/tr>\n
      Centr\u00e1ln\u00ed banka \u0160v\u00fdcarska<\/span><\/td>\n\u017d\u00e1dn\u00e9 informace k dispozici!<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

      Hr\u016fza! Polovina n\u011bmeck\u00e9ho dluhu je v rukou cizinc\u016f.<\/span><\/h3>\n

      Jak je uvedeno, zhruba 50 % n\u011bmeck\u00e9ho st\u00e1tn\u00edho dluhu dr\u017e\u00ed zahrani\u010dn\u00ed investo\u0159i. To znamen\u00e1, \u017ee t\u00e9m\u011b\u0159 ka\u017ed\u00fd druh\u00fd feder\u00e1ln\u00ed dluh vlastn\u00ed banky, fondy nebo vl\u00e1dy v zahrani\u010d\u00ed.<\/span><\/p>\n

      To znamen\u00e1, \u017ee zna\u010dn\u00e1 \u010d\u00e1st \u00farokov\u00fdch plateb n\u011bmeck\u00fdch da\u0148ov\u00fdch poplatn\u00edk\u016f odt\u00e9k\u00e1 do zahrani\u010d\u00ed.<\/span>
      \nN\u011bmecko je proto nejen zadlu\u017een\u00e9, ale tak\u00e9 finan\u010dn\u011b z\u00e1visl\u00e9 \u2013 na glob\u00e1ln\u00edch kapit\u00e1lov\u00fdch trz\u00edch, jejich\u017e \u00fa\u010dastn\u00edci nemaj\u00ed v\u016f\u010di Spolkov\u00e9 republice \u017e\u00e1dn\u00e9 politick\u00e9 ani soci\u00e1ln\u00ed z\u00e1vazky.<\/span><\/p>\n

      Rizikov\u00e1 mocensk\u00e1 nerovnov\u00e1ha: Pokud velc\u00ed zahrani\u010dn\u00ed investo\u0159i prodaj\u00ed sv\u00e9 n\u011bmeck\u00e9 dluhopisy nebo po\u017eaduj\u00ed vy\u0161\u0161\u00ed \u00farokov\u00e9 sazby, feder\u00e1ln\u00ed a zemsk\u00e9 vl\u00e1dy se okam\u017eit\u011b dostanou pod tlak.<\/span><\/p>\n

      Ml\u010den\u00ed dlu\u017en\u00edk\u016f<\/span><\/h3>\n

      N\u011bmecko se dostalo do finan\u010dn\u00ed slep\u00e9 uli\u010dky a sotva o tom n\u011bkdo mluv\u00ed.<\/span><\/p>\n

      Politici prod\u00e1vaj\u00ed nov\u00e9 dluhy jako \u201einvestice do budoucnosti\u201c, zat\u00edmco dne\u0161n\u00ed v\u011b\u0159itel\u00e9 jsou z\u00edt\u0159ej\u0161\u00edmi p\u00e1ny. Kdo tito v\u011b\u0159itel\u00e9 skute\u010dn\u011b jsou, ale pro da\u0148ov\u00e9 poplatn\u00edky, ob\u010dany i voli\u010de z\u016fst\u00e1v\u00e1 do zna\u010dn\u00e9 m\u00edry z\u00e1hadou.\u00a0<\/span><\/p>\n

      To nen\u00ed jen demokratick\u00fd deficit, ale hrozba pro ekonomickou suverenitu zem\u011b. Proto\u017ee ka\u017ed\u00fd, kdo nev\u00ed, komu dlu\u017e\u00ed pen\u00edze, u\u017e d\u00e1vno nen\u00ed p\u00e1nem sv\u00fdch vlastn\u00edch financ\u00ed.<\/span><\/p>\n

      Guido Grandt<\/span><\/strong>\u00a0\u00a0(* 1963) je investigativn\u00ed novin\u00e1\u0159, publicista, televizn\u00ed redaktor a nez\u00e1visl\u00fd producent. Jeho pr\u00e1ce se zam\u011b\u0159uje na v\u00fdzkum organizovan\u00e9ho zlo\u010dinu, tajn\u00fdch spole\u010dnost\u00ed a citliv\u00fdch t\u00e9mat v politice, ekonomice, financ\u00edch, arm\u00e1d\u011b a bezpe\u010dnosti. V\u011bnuje se tak\u00e9 odhalov\u00e1n\u00ed skryt\u00fdch nebo tabuizovan\u00fdch aspekt\u016f soudob\u00fdch historick\u00fdch ud\u00e1lost\u00ed. Guido Grandt vydal p\u0159es 40 knih literatury faktu a napsal p\u0159ibli\u017en\u011b 6 000 \u010dl\u00e1nk\u016f.\u00a0<\/span><\/em><\/p>\n

      Zdroje:<\/span><\/strong><\/p>\n