Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-25-Speech-2-479-000"
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"en.20111025.28.2-479-000"2
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"Mr President, ladies and gentlemen, the management of the crisis is becoming less and less transparent and more and more chaotic. The Council is starting to introduce pre-summits and main summits within the space of three days. Parliament is following the same rhythm and debating the results of the Council discussions twice during one part-session. It is already becoming clear that the big step forward that has been promised will not be happening on this occasion either. The only thing left to say is that the Council and the Commission are continuing to work on the principle of hope: hope that the new measures will generate sufficient confidence and that the investors on the international financial markets will be satisfied this time around.
Why should they stop betting on future state bankruptcies? Why should they not try to draw Spain and Italy into the maelstrom of speculation? Only radical measures to prevent profitable speculation can stop this from happening. Until we bring in measures of this kind, the carousel will continue to turn and the Council will continue to propose rescue packages based on taxpayers’ money.
The suggestion now is to use financial engineering tricks to leverage the agreed funding of EUR 87 billion for the European Financial Stability Facility (EFSF). One German economist has referred in this context to a weapon of mass destruction, because the states which are showing signs of weakness require financing to the tune of EUR 4 trillion. The proposed haircut for Greece is inevitable. The only question is: who will bear the cost of it? Of course, it is right that the international banks should take on a greater share of up to 60%. However, it is important for us to prevent bankruptcies. This affects Greek banks in particular, whose very existence is under threat. After all the cuts in social security spending, do the Greek citizens now have to worry about the safety of their savings and bank deposits?
Instead of a rescue package for the banks, we need a rescue package for wages, salaries, pensions and citizens’ savings. We need a public bank in the European Union which provides states with the necessary loans at favourable interest rates and excludes the private banks. We need public investment programmes to create jobs and employment."@en1
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