Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-07-04-Speech-4-199"
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"en.20020704.10.4-199"2
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"Mr President, I welcome the debate taking place in this Chamber. With reference not to January, when the crisis started, but to the fact that I have been trying to get this resolution debated for over two months with little success, I feel that the very nature of urgent debates must be reviewed. Indeed, whether we achieve much or little depends on the speed with which decisions are taken and recommendations laid down.
The situation in Argentina is certainly awkward and sensitive. It is awkward in that all economic or financial mechanisms are effectively frozen. In particular, it is absolutely impossible to withdraw money from a bank deposit except by means of credit card transactions, and these transactions carry the obligation to replenish the reserve. A deposited sum can therefore not be used in any way. Extremely dubious options have, moreover, been provided for the purchase of three- or ten-year bonds but the yield or redeemability of these is uncertain. In any case, it is worth pointing out that it would be absolutely impossible to survive on the yield from these bonds.
There is something else I would point out to Mr Medina Ortega, and that is that, rightly or wrongly, where Argentina leads other countries follow: it is seen as an example. There is therefore a possibility that Uruguay, which is already in a similar situation – not to mention Chile and Brazil – might follow Argentina’s bad example.
Lastly, I would like to stress that it is extremely difficult to draw up proposals. Indeed, the resolution seeks purely to stress the fact that there is a crisis. It is up to the International Monetary Fund to make a quick decision as to whether to provide aid to the Argentinean crisis and the Argentinean State. One initial step towards resolving the crisis could be to propose once again the creation of an export circuit, specifically a credit card circuit, which must not just be virtual but provide the possibility for people to use their own funds within the bank circuit."@en1
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