Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-05-19-Speech-3-042"
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"en.20100519.3.3-042"2
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"Mr President, we need a coordinated European policy to address the consequences of the crisis; but Europe will have to stop being led by large companies, not forgetting the large financial institutions.
Governments have twice had to bail out our financial institutions, without these institutions footing even part of the bill themselves. In the past two years, the aid to these institutions from the Netherlands alone has led to a EUR 2.5 billion increase in interest expenditure. In the same period, the largest Dutch pension fund, ABP, spent EUR 1 billion on Greek government bonds in order to achieve a somewhat higher rate of interest. In other words, speculation is continuing as before, and soon we may have to rescue the pension funds too.
EU 2020 should lay the bill at the right door. Rather than by making extreme cutbacks to essential public services, the cost should be covered by the top earners and speculators, by means of partial debt relief for countries such as Greece and of a tax on banks, for example. This way, we preserve the European social model."@en1
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