Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-11-Speech-3-599-000"
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"en.20110511.35.3-599-000"2
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"Mr President, the eurozone imposes a single currency value and standardised interest rates on 17 different economies. If the failing countries had remained outside the eurozone, their currencies would have fallen in value, leading to export-led expansions facilitated by low interest rates that would be set by their central banks. The excessive currency value, and now rising interest rates, have aggravated stagnation, which has brought about falling tax revenues, cuts in services and rising government debts. It would be in their interest to leave the zone, but the fall in the value of their currencies would then increase their debt burden.
Britain, being outside the eurozone, should be unaffected by these debts, but our previous government underwrote GBP 10 billion worth of debts under the exceptional occurrences clause of the Lisbon Treaty and the present government will continue to supply loans directly and indirectly. Greece and Ireland will eventually default on their debts, and we will all be shown to have thrown good money after bad."@en1
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