Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-03-12-Speech-3-029"
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"en.20080312.3.3-029"2
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"Mr President, ladies and gentlemen, the forthcoming European Council must take a serious look at the global financial turbulence.
Euroland seems to be reeling under pressure from waves of money fleeing from Italian, Greek, Spanish and French bonds to take refuge in German ones. The spread between Italian and German bonds has risen to more than 63 basis points, as it did in 1999 when Italy seemed unlikely to be able to comply strictly with the Maastricht criteria.
Only yesterday, at a sale of Treasury bonds in Italy, there were very few bids. The Telegraph reported on 6 March that a major investment bank, which speculated by means of arbitrage between the buying and selling rates for Italian bonds and credit derivatives, had been forced to liquidate all of its bonds. The Italian Treasury had to intervene to support the value of the bonds.
There have for some time been rumours in the world of high finance about Italy exiting from the euro. Is there any truth in this? Europe is weak, and the national governments need to redouble their efforts to tackle such grave problems, instead of the tired, pointless measures proposed by technocrats in Brussels; the governments must intervene as necessary rather than resorting to outdated solutions such as tax cuts and injections of liquidity.
You should listen instead to the voice of the people and local communities! Let us return to the real economy and give workers a stake in the share ownership of their companies!"@en1
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