Someday Poland will grow up and realize that issuing more debt, not selling assets, is what modern economies do during a fiscal crisis. Don't worry though, Poland, we will still be around when you decide to join the cool kids debtors club.
Poland's Cabinet approved a plan to sell stakes in state-owned companies including KGHM Polska Miedz SA and Grupa Lotos SA in an effort to finance its budget deficit after tax revenue slumped and public debt soared.
"The plan acknowledges the need to speed up privatization," said Prime Minister Donald Tusk at a press conference in Warsaw today. The budget "requires a cash injection to cover basic spending."
Comments like this one from a former Polish finance minister are why people like this are (were) finance ministers in Poland:
"It's high time that Poland undertook real privatization," said economist Miroslaw Gronicki, a former finance minister, by phone. "Any revenue from privatization means a reduction in debt, and as far as the budget is concerned it's an extremely sensible move."
Seriously, who talks like that anymore?
Polish Government Approves Asset Sales to Cover Swollen Deficit [Bloomberg]