Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-04-18-Speech-3-360-000"
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"en.20120418.21.3-360-000"2
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"Mr President, it is a great shame Mr Van Rompuy is not here, because a month ago, he told us that the worst was over and we had reached the turning point; he even told us that he had solved the euro crisis. Today, we have a more realistic Mr Barroso, who says that if we follow his policies and stick together, we can solve this in the end. Sorry, no one believes you anymore, and actually, in the face of the rapidly deteriorating situation, these comments look ridiculous.
In Spain, mass unemployment gathers by the day, and internal democracy in Spain is now under threat. In Italy – where we were told Mr Monti would sort it all out – growth figures are falling and the bond spreads are worsening. Now an IMF official has come out and said that it is obvious that at some point a euro break-up will happen. These are big changes: the euro is doomed, and with your policies, Sir – even if Greece accepts the austerity you are imposing on them, and even if, for the next eight years, they obey all this – in 2020, they will still have a debt GDP ratio of 120%, which makes one ask: what is the point?
In Spain: if Spain was able to increase ... the difference is, Sir, Britain is not trapped inside the economic prison of the euro. Now take this: if Spain was to increase, if she increased her productivity growth by half a per cent a year (which at the moment looks unlikely), it would take her forty years to close the competitiveness gap with Germany.
These countries were sucked in to a totally false economic boom with artificially low interest rates, and they are now paying the price. These policies cannot succeed. Mercifully, outside of this institution, economists the world over now say it is inevitable that the euro will break up; it is just a question of how. I really hope that the IMF now decides to stop pouring good money after bad into these bailouts, and I really do hope that not one penny piece more of British taxpayers’ money goes into propping something up that should be allowed to die."@en1
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