Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-04-05-Speech-2-039-000"
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"en.20110405.3.2-039-000"2
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"Madam President, for years, many Member States operated a budgetary policy that seemed just too good to be true. Running up debts was not seen as a problem as it was felt that economic growth would melt them away like the sun melts the ice.
Many private individuals felt the same way. They bought expensive houses far beyond what they could afford. The rising value of those properties was supposed to save them, but this house of cards collapsed. The debt crisis is being tackled with new debts. The European Central Bank has bought up billions worth of government bonds issued by Portugal, Ireland and Greece. The economies of these countries will now have to be under the whip and grow like crazy on a consistent basis for many years in order to pull through. Madam President, that will not succeed. These economies are shrinking alarmingly. This is setting a course straight for bankruptcy.
It is therefore time for Crisis Strategy 2.0. We must allow the bankrupt countries to return to their former currencies in conjunction with a vigorous devaluation and a partial write-off of their debts. The situation could then be re-examined in a year or 10."@en1
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