Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-10-Speech-2-722-000"
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"en.20110510.68.2-722-000"2
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"Mr President, the most fundamental weakness of the proposed stress tests has now been referred to. It is the possibility of widespread sovereignty faults. Surely, this is a very likely development, given the incredible level of debts that have been loaded onto economies that are simply unable to pay. For example, the Irish State is on track to owe EUR 750 billion by 2014, and we have a government debt that is more than EUR 120 000 per worker.
Irrespective of a potential cut in the interest rate and our so-called bail-out, this is unsustainable and the Irish State will default. I understand that German banks are exposed to Greece, Ireland, Portugal and Spain, the so-called ‘PIGS’, to the tune of EUR 400 billion. French banks are exposed to the tune of EUR 260 billion and British banks EUR 300 billion. This massive exposure explains the vicious austerity applied by the Commission and the European Central Bank to working people in the peripheral economies.
It is my understanding that the stress tests will assume that the funding needs of the banks remain stable. Given the potential for a deepening of the crisis, this is unlikely to be the case. For example, EUR 34 billion left the six Irish domestic banks in the last three months of 2010, forcing them to rely on what is supposedly short-term funding from the ECB to the tune of EUR 160 billion.
On the restructuring of the banking sector, surely the most fundamental lesson that has to be drawn from the experience of the last number of years and the major crisis is that the major financial institutions and banks cannot be left in private hands. The pursuit of profit by these private institutions has played a significant role in wrecking our economies, for which working people have paid a terrible price. The major financial institutions, the major banks, must be taken into democratic public ownership. The dictatorship of the financial markets must be ended, and their massive resources should be used to benefit ordinary people through the granting of loans to small businesses, affordable mortgages to help homebuyers, and so on."@en1
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