Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-04-04-Speech-1-226-000"
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"en.20110404.20.1-226-000"2
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"Madam President, the Commission’s Secretary-General, Catherine Day, recently described the Irish bank bailout as ‘tough but sustainable’. This is not a bailout but a sell-out: a sell-out, at EU insistence, to bondholders – senior, junior, secured, unsecured – every type, category and class of bondholder, while Irish taxpayers shoulder intolerable debt.
The cost of the bank bailout is EUR 70 billion, not to mention the EUR 200 billion in emergency funding from the ECB. How is a small island of 4.4 million people supposed to cope with this madness? The debt burden for every man, woman and child in Ireland is roughly EUR 160 000 just to bail out the banks, and that is not including the interest. A little comparison: if France – population 62 million – were faced with an equivalent banking crisis, the debt of French citizens would be EUR 1 trillion. Would the Commission describe that as ‘tough but sustainable’?
Finally, Catherine Day was also wrong when she said that this is not a crisis of the euro. If the European Commission does not recognise that and act on it, then the future of the eurozone, and not just that of Ireland, is bleak."@en1
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