Final Word from Wednesday, October 22, 2008
ČSSD Chair Jiří Paroubek intends to use the government's handling of the financial crisis as a key argument today for giving Mirek Topolánek's government a no-confidence vote. It's true, as ČSSD will claim, that Topolánek and his ministers trivialized the financial threats and needlessly chastised the EU for its handling of the crisis. Topolánek's behavior increases the likelihood that the EU will let the CR stew in its own juices if there's a crisis of confidence in the CR. But Paroubek has egg on his face too. He increased the risk of a bank run by recklessly arguing that a 100% deposit guarantee is needed for avoiding capital flight by large depositors. Rich Czechs have actually become quite good over the years at squirreling away money into foreign accounts without setting off alarm bells. They wouldn't be the ones to start a bank run. If anyone, it would be the little old ladies who hang on Paroubek's every word. At least as far as handling the financial crisis is concerned, Paroubek deserves a no-confidence vote too.[Czech Republic European Union]
Glossary of difficult words
mutual - held in common by two or more parties;
to chastise - to criticize or reprimand severely;
to stew in one's own juices - to suffer the unpleasant consequences of one's actions without the consoling intervention of others;
to have egg on one's face - to appear foolish or ridiculous;
recklessly - without thinking or caring about the consequences of one's actions;
capital flight - large scale removal of money from a country;
to squirrel away something - to hide money or something of value in a safe place;
to hang on someone's every word - to listen very carefully to what someone says (and perhaps act on it).