Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-02-09-Speech-2-208"
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"en.20100209.13.2-208"2
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"Greece only recently gave an insight into the actual extent of its debts. They are much bigger than had been thought. The budget deficit is approaching 13%. Unfortunately, Spain, Portugal and Italy also have high budget deficits.
Europe must not bring in a Trojan Horse. That would indeed be the case if support were granted to these countries, as some people wish. That must not happen, because we would then be rewarding bad policy with a bonus. The Stability and Growth Pact clearly indicates how countries must act in the event of a crisis and the pact primarily indicates what must be done before a crisis occurs, namely by putting a strict budget and spending policy in place in good time. The Netherlands made a start on this as much as a year ago. The Southern European Member States have left it too late. Fortunately, they have now made a start – better late than never – on putting their affairs in order.
I am watching for the effects of the measures they are taking with great interest. If stock markets and the euro fall a little in the meantime, then that will not be a disaster for either investors or export companies, far from it, in fact."@en1
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