Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-11-Speech-3-576-000"
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"en.20110511.35.3-576-000"2
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"Mr President, on 9 May 2010, the EU-ECB-IMF troika triumphantly announced that it had saved Greece from total bankruptcy by lending it EUR 110 billion. A year later, Greece plunged into recession. Public debt soared to 150% of GDP and two-year interest rates have reached more than 25% per annum.
If, today, Greece is out of breath, it is because the method used to save it is not the right one. While the Greek economy now needs a weak currency to get out of the depression, the troika is going to impose a new, even more drastic, fiscal austerity package.
This remedy will be no more effective tomorrow than it was yesterday. The currently punitive interest rates to which Greece is subject are, in fact, preventing its private economy from undertaking any investments, whether it be in the production process or in real estate. Greece is becoming a third-world country, ruining all hopes of reimbursement.
The new draft rescue package of EUR 60 billion envisaged last Friday demonstrates that the EUR 110 billion loan already granted a year ago must be considered a gift. For how long and to what extent will European taxpayers be pouring money into the Danaides’ cistern? Pursuing this path is suicidal and will lead to the fragmentation of Europe.
There are two possible solutions: Greek debt restructuring accompanied by the restructuring of the public debt of failing States leading, ultimately, to the collapse of our banking system, or a concerted, rational and pragmatic exit from the euro area enabling Greece to catch its breath.
Europe is at a crossroads. Is saving the euro worth the sacrifice being made by the people of Europe?"@en1
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