Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-11-Speech-3-567-000"
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"en.20110511.35.3-567-000"2
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"Mr President, the sovereign debt crisis will not be solved until the banks are sorted out, and you cannot sort out the banks if regulators’ stress tests refuse to admit that the sovereign debt crisis exists. There is also a public confidence crisis. Some countries bailed out their own banks at huge cost to the taxpayers, without any handouts from the EU. I understand why the same public is now asking why they should fund bail-outs in other countries.
Last week’s proposals for reform in Portugal had some positive recommendations for improving competitiveness, but the situation in Greece seems dire. Eurozone leaders tell us that there is no Greek debt restructuring, but since when is a delay of a repayment date not a restructuring?
If public lenders extend their maturities, that is not just a shuffling of deckchairs on the
: it is taking the public lenders below decks to sink in the ship while the private loan holders are helped away to the lifeboats."@en1
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