Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-14-Speech-3-034-000"
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"en.20110914.3.3-034-000"2
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"Mr President, the economic crisis in Europe and the eurozone sovereign debt crisis are not happening in a bubble. They are occurring at a time of unprecedented turmoil in the global economies around the world. Collectively, Europe needs to raise trillions of euros to fund the 27 economies; the Member States need investors to purchase their sovereign bond issuances. So what the market thinks is actually very important. For as long as we need money from the markets, whether for sovereign or EFSF bonds, we need to listen to what they are saying.
Currently their message is very clear. Italian bonds issued this week saw very low demand at very high rates, despite the purchasing of billions of Italian and Spanish bonds by the ECB in the secondary market. This week, the interest rate for Italian bonds has again reached 5.75%, which is hardly sustainable for the third-largest bond market in the world. The markets are pricing in a 98% chance of a default in Greece. Are all the experts in the world wrong? Who is going to buy the debt if it is not the investors?"@en1
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