Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-02-09-Speech-2-211"

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"en.20100209.13.2-211"2
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"Madam President, there can be no doubt that Greece, like other countries in the euro area, faces a huge public deficit and debt and, as you know and as the Commissioner mentioned, the Greek Government has already tabled a fully substantiated and ambitious but realistic programme to deal with them. There can equally be no doubt that Greece, like other countries in the euro area, has been, and is, at the epicentre of coordinated speculative pressure, the basic aim of which is to undermine the euro and economic cohesion in the euro area. This is not a Greek, a Portuguese or a Spanish problem; it is a European problem and we have an obligation to demonstrate the real causes of this situation. As we did a year ago, we are stressing that the global credit crisis is linked to the uncontrolled operation of the financial markets and we must be equally direct in stating today that the uncontrolled operation of speculative capital is a basic parameter of the current situation in the euro area and is to the detriment of European taxpayers’ money. So our first obligation today must be to defend the euro and the euro area against speculative pressures and, secondly, we must realise that we can no longer remain fixed on close monetary unification and that, until real economic convergence is achieved between the euro area states, both the so-called slow-lane economies and the overall credibility of the euro area and the stability of the euro will be affected."@en1
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