Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-11-Speech-3-600-000"
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"en.20110511.35.3-600-000"2
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"Mr President, I should like to start by saying that I, naturally, believe that the agreement reached for Portugal is a balanced one. It is a very tough agreement for the people, but it essentially emphasises structural reforms to increase growth and competitiveness. I think that is very positive.
I am not taking the same attitude as others here who believe that countries like Greece, Ireland and Portugal did everything right: that they made no mistakes and did not go too far; that they did everything right and it was only the international crisis that caused problems. No, our governments made mistakes and had the wrong policies, but that does not mean there is not now an opportunity, in the context of the Union, to get back on track and head in the right direction again.
It is therefore important to remember that it is, in fact, necessary to say to those bodies of public opinion against supporting countries in difficulties that they are not giving money to those countries: they are lending money to those countries. Moreover, they are lending it at very high interest rates, so they are actually doing a deal that is positive for their budgets and their people. However, I would also say here that it is perhaps time to have a general European response by accepting Eurobonds and accepting the possibility of selling them on the primary market, to respond to the international markets.
Perhaps it is time for the Commission itself, the European Financial Stability Facility and the International Monetary Fund to review the interest rates so that they can make it possible for there to be sustained growth in these countries that are currently in difficulties, by lowering these rates."@en1
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