Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-07-03-Speech-2-122-500"
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"en.20120703.5.2-122-500"2
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"The only sensible result of the summit is the planned central banking supervision, for the fact that the banks will continue to receive money in future from the European Financial Stability Facility (EFSF) bailout fund shows once again that the debt crisis in the euro area is, in large part, to do with credit institutions that went to the wall because of irresponsible managers. Despite the fact that levelling everything down has led to disaster, centralism is still being heralded as a cure-all. Italy and France have long been working on forcing the net contributors, particularly Germany, into a debt and liability union. The role of Germany as EU paymaster-general is to be incorporated into the Treaties so that the German economic giant can be permanently subdued. It is a kick in the teeth to the economically successful euro area countries that candidates for bankruptcy will
receive funds from the EFSF or from the European Stability Mechanism (ESM) without having to make any cuts. If the troika is to exercise no control over adherence to the budgets set, it represents a licence for all kinds of fraud and cheating. The Greek example shows where countries end up if there is not adequate control. The latest summit decisions have opened the way for a debt union, making the flow of money from countries such as Germany, Austria and the Netherlands to candidates for bankruptcy such as Spain, Portugal, and perhaps also Italy, a permanent state of affairs."@en1
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