Czech PM: "Czech Republic not ready for now to join EU fiscal pact limiting public debt levels"

The Czech Republic’s prime minister says he will not sign, for now, a new European treaty that is designed to limit public spending and restore investor confidence in the region.The agreement is expected to be signed by the leaders of nearly all the EU countries today at a summit in Brussels.

Petr Necas said his government agreed Wednesday on his mandate not to sign. The government, which is split on the issue, will discuss the deal further in the future. The leaders of 25 of the 27 European Union states agreed last month on the deal designed to stop overspending in the 17 countries that use the euro.

Only Britain and the Czech Republic, both of which don’t use the euro, decided not to endorse the accord.

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