Czechs were to finish voting yesterday in a close-fought election pitting leftist promises to protect people from economic crisis against right-wing warnings that the left will take the country into bankruptcy.
The left-wing Social Democrats are expected to win the largest share of the vote, but will almost certainly fall far short of a majority and may find it difficult, if not impossible, to find partners to form a government.
Polling stations were to be open from 6am to noon for the last day of voting. Exit polls were to be released at noon, and results were to come in during the afternoon and evening.
PHOTO: REUTERS
Up to eight parties have a chance of winning seats and analysts fear an inconclusive result with a fragmented parliament and lengthy talks on forming any coalition.
That could unnerve markets — the crown currency has already weakened this week on fears of protracted horse-trading — and delay badly needed pension, healthcare and other reforms.
“All this suggests that the tough fiscal decisions that have been ignored for too long will not be resolved anytime soon; adding to the risks of holding Czech crown denominated assets,” researchers at bank RBC Capital Markets said in a note.
The right-wing Civic Democrats have invoked the Greek crisis to warn that leftist promises of more welfare would lead the central European EU member state of 10.5 million to insolvency in several years.
“I believe in a success that will allow for the creation of a government of fiscal responsibility, based on a center-right coalition,” Civic Democrat leader Petr Necas said after voting.
Czech public debt of 35 percent of GDP is just half of the EU average, but most analysts say it will grow fast unless the next government takes action. The Civic Democrats promise to achieve the EU-prescribed 3 percent of GDP in 2012, through spending cuts rather than tax hikes. Social Democrat leader Jiri Paroubek plans to hike taxes to pay for his welfare agenda and reduce the budget gap to 3 percent of GDP by 2013, from last year’s 5.9 percent.
A divisive figure unpopular among the left and the country’s business and intellectual elite, Paroubek’s promise of extra pension benefits and to eliminate healthcare fees appeals mainly to older and poorer voters.
“We vote for them all the time. It is reasonable choice for us older people,” said Jaroslav Kovacik, 67.
Many younger and richer voters dislike Paroubek’s plans, and are put off by his aggressive style. He toppled a center-right government last year, causing political disarray in the middle of Prague’s term as EU president.
“The main danger is his personality, not the left as such. The country needs a functioning left, but not with him,” said Ondrej Olsansky, 18, a student who voted for the right.
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