Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-05-Speech-2-426-000"
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"en.20110705.34.2-426-000"2
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"MEPs have voted today, by a large majority, in favour of banning naked credit default swaps (CDSs) on the sovereign debt of European Union Member States.
My colleague Mr Canfin, Parliament’s rapporteur, responds as follows: ‘Parliament has just demonstrated to the Council that it is determined to put an end to speculation on sovereign debt in Europe. Every day, the sovereign debt crisis in the euro area demonstrates the need for strict supervision of speculation on the debt of Member States. Europe can no longer allow speculators to enrich themselves on the back of their fellow citizens who are called on to bail out the coffers of Member States that are forced into bankruptcy. With the report voted on today in plenary, it would no longer be possible for a hedge fund to buy Greek CDSs without holding bonds from Greece and thus to speculate on the bankruptcy of the country. In addition to banning sovereign CDSs, Parliament has clearly reaffirmed its desire for stricter supervision when it comes to the naked short selling of securities. The desire expressed by Parliament for the European Securities and Markets Agency (ESMA) to play a greater role in this regulation is also fulfilled.’"@en1
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