Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-15-Speech-2-538"
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"en.20100615.31.2-538"2
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"I do not want to enter into any kind of blame game. My view is that politics, and economic policy making in the European Union, is always a matter of political will but also the art of what is possible. This time, it became possible at some point to take those decisions, to provide conditional and coordinated financial assistance for Greece, and later on to create the European Financial Stability Mechanism. These are now working.
Concerning Greece, the first tranches of a total of EUR 20 billion from the EU and the IMF were sent to Greece in mid-May. Greece is implementing its joint EU-IMF programme in time and according to the memorandum of understanding. Moreover, the recently decided European Financial Stability Mechanism and Facility are readily available, so that the Community instrument, which is up to EUR 60 billion, can use the Union budget as loan guarantees for possible operations. This is up and running. It is readily available, if requested and if genuinely needed.
Meanwhile, the Special Purpose Vehicle of up to EUR 440 billion, the intergovernmental arrangement which is also called the European Financial Stability Facility, is going to be ratified by 90% of the volume, which is the criterion, by the end of this month and it will be operational a few weeks after that. This means that, if we have an immediate and pressing need, we have the tools to tackle this with this mechanism and this facility.
My final point is that this only buys us time, and the essence is that we have to engage in a very serious campaign of fiscal consolidation in Europe, where the past two years have wiped out 20 years of fiscal consolidation in the past two decades."@en1
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