Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-22-Speech-1-209"
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"en.20101122.21.1-209"2
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"Madam President, Ireland’s bail-out is unlikely to be the last in the eurozone, despite protestations to the contrary. Despite the debt crisis plaguing the EMU, officials are keen to emphasise that Ireland’s problem is different from the one seven months previously in Greece.
Whereas with Athens, it was fiscal irresponsibility and public sector corruption, Dublin’s debt is due to reckless banking. Portugal does not appear to suffer greatly from either, yet it is still struggling to keep its head above water, as is Spain.
What do these countries have in common? The not-fit-for-purpose single currency, founded upon idealistic ideology and not economic sense. The old adage about putting all your eggs in one basket rings true.
Which are Europe’s most prosperous countries? That would be Norway and Switzerland. They control their own resources and economies, yet still trade with their EU neighbours, knowing they can cast their nets elsewhere if the EU drags the whole project into oblivion.
A rescue of Portugal would push the combined bill to the EUR 300 billion mark, exhausting the eurozone’s entire capital. Surely the only reasonable choice left is EU-thanasia."@en1
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