Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-29-Speech-4-146-000"
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"en.20110929.18.4-146-000"2
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"Mr President, so this is how it ends. We are responding to the debt crisis by borrowing an almost literally unimaginable sum: two trillion euros, if the report is to be believed. Our minds are not designed to comprehend figures on that scale. This goes completely off the chart.
Two questions immediately arise. First of all, who is going to stand as a guarantor to such a loan? Ultimately, the loan is supposed to be guaranteed by the European Central Bank, but the ECB has been buying what is normally classified as junk debt from various eurozone countries to the extent that it is, in effect, already a bad bank. So when we talk about the guarantors, we really mean the taxpayers, including the taxpayers of Spain, Italy, Ireland, Portugal and Greece.
Second question: From whom are we going to borrow? If somebody had two trillion euros lying around, do you not think they would have used it by now, given the circumstances of the past three years? The truth is we are borrowing from future generations. As the poet said, ‘God omnipotent is mustering (...) in his clouds armies of pestilence and they shall strike your children yet unborn and unbegot’. We are freighting future generations with an unprecedented level of debt. Prevent it, resist it, let it not be so, lest child, child’s children cry against you woe!"@en1
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