Supreme Audit Office: Czech Republic might lose up to 62 billion in EU subsidies

The Czech Republic could lose up to 65 billion crowns in EU subsidies earmarked for the country in the financial period 2007-2013, according to a report by the country’s Supreme Audit Office released on Friday. The office said that by the end of last year, funds had been released to finance projects worth 395 billion crowns, which represents only some 54 percent of all available funds. The share increased to 57 percent by the end of the first quarter of 2014; however, the country could lose the funds due to slow processing of the projects as well as errors made in choosing projects to get EU funding, the head of the office said.