Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-09-22-Speech-3-987"
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"en.20100922.20.3-987"2
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"The assistance given to Greece was sold to us as an exception from the bail-out ban, on the basis of Article 136. However, Article 136 does not provide a basis for giving credit to Greece since it only allows measures in accordance with the relevant provisions of the treaties. Not only are these not provided for in the TFEU; they are actually explicitly banned. The provision does not therefore authorise more extensive measures. The finance ministers of the euro area decided to assist Greece by providing credit at an average interest rate of 5%. This means that credit was granted at a politically motivated interest rate that is below the market rate and thus represents an illegal subsidy. Hence, the assistance given to Greece was extremely controversial from a legal point of view, if not downright unlawful. As far as the actual consequences are concerned, I fear that if the euro area countries continue to be answerable for the debts of other Member States, then in 10 years’ time, the euro will no longer exist. I therefore voted against this report."@en1
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