Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-11-Speech-3-586-000"
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"en.20110511.35.3-586-000"2
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"Mr President, Mr Bokros, since you have raised the issue, I am going to continue. I believe, Mr Rehn, that we should listen to what is being said. I believe that, when the figures are placed alongside each other, the only conclusion is that debt restructuring in Greece, and probably in Ireland, is inevitable. I think that everyone realises that. It seems so obvious that one might well ask how it is possible that the European Central Bank, the Commission and the Council cannot see it. Unless you refuse to see it?
In other words, the first option is that you decide, for ideological reasons, to say that default is out of the question, in which case that would be to deny reality. On the other hand, you could perhaps say that it would be better to play for time, in which case I would really appeal to you because the more that time goes by, the more painful and the more costly restructuring will be. It will, in particular, be more costly for taxpayers because the more that time goes by, the more of a burden the Greek public debt will become on public or quasi-public entities – I am thinking of the European Central Bank, I am thinking of the European Financial Stability Facility (EFSF) – and it is increasingly the taxpayer who is going to be asked to pay up.
You know, Mr Rehn, there has been a great deal of talk about stress tests and resistance tests in recent days. They are mentioned in relation to nuclear power stations; they are mentioned in relation to banks. Yet those whose resistance is being severely tested every day are our citizens, especially the most disadvantaged among them, who perhaps bear a disproportionately high share of the burden of the response to this crisis.
Clearly, one cannot therefore say that the crisis is simply the responsibility of the banks, of enterprises, or of politicians, as some would simplistically have us believe. I believe that this is a collective responsibility and that it would therefore be healthy if everyone contributed their fair share towards tackling the crisis.
I would like to end by stressing that, even though I might often disagree with you, we should honour the work you have been doing lately. I am sure that your nights are not very long and I promise that, on the day you return to a more decent life, I will gladly invite you to dinner."@en1
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