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“European satellite agency to be based in Prague,” reports a delighted Hospodářské noviny. Galileo, the system that is destined to put an end to Europe’s dependence on American and Russian satellite navigation systems, will be operating by 2013 from the Czech capital. For the daily, the 8 December decision taken by the European Space Agency will bring “prestige to the country, which will be welcoming its first European institution.” Hospodářské noviny notes that to date, the launch of the system “has been been beset by financial difficulties.” Now that it has been abandoned by its initial consortium of private investors, the project which has a minimum estimated cost of 3.4 billion euros will be almost entirely financed by European funding.