Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-06-30-Speech-1-058"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2003-06-30"^^xsd:date2
dcterms:Is Part Of	lp_eu:Securities prospectuses2
dcterms:Language	"el"^^xsd:language2
lpv:document identification number	"en.20030630.9.1-058"2
lpv:hasSubsequent	lp_eu:2003-06-30-Speech-1-0592
lpv:speaker	lp:Ioannis Patakis2
lpv:spokenAs	member; Delegation for relations with the countries of south-east Europe (2002-02-07--2004-07-19)3 member; EUL/NGL (2001-01-30--2004-07-19)3 member; ECON (2002-01-17--2004-07-19)3 unknown; Kommounistiko Komma Elladas (2001-01-30--2004-07-19)3 substitute; AGRI (2002-01-17--2004-07-19)3
lpv:translated text	"Mr President, the proposed arrangements have a dual purpose. First, to restore the shaken climate of confidence of small working-class investors in the institution of the stock exchange, so that grass-roots savings can continue to be plundered unimpeded and, secondly, to set up a regulatory framework for the action of the big investors. In other words, the aim is to consolidate the stock exchange as a mechanism for concentrating capital and safeguarding a quick, easy profit for monopoly groups. The proposals for measures to be taken are not at all convincing. In its communication, the Commission talks of practices which will improve the reliability of the market and help to attract capital, in other words, they will allay the fears of small investors so that they can plunder their savings with impunity. Having succeeded in sweetening them with a taste of the profits so that they gamble all their savings, by applying the idea of easy money, they have also managed to turn their heads by inciting them to raise gambling to an art form. So far, not only have no substantial control measures been taken, but also recent repeated scandals have revealed that even these very control mechanisms have advocated cheating by adopting creative accounting methods, and as a result the savings of the working classes, the capital of small investors and pension funds have grown wings and flown into the coffers of the monopoly groups, which grow rich in this parasitical manner. The history to date of the stock exchange and of the control mechanisms relating to it show that it is the place where 'big fish eats little fish' applies absolutely. The myth that state controls can limit speculation in the very temple of speculation has now been exposed. Only an economic and political way out that puts grass-roots needs first and socialises the basic means of production constitutes a promising prospect for safeguarding grass-roots incomes today."@en1

Named graphs describing this resource:

The resource appears as object in 2 triples

Context graph