Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-24-Speech-3-045"
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"en.20100324.12.3-045"2
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"Madam President, I would like to start with some praise for Greece. The solution to the Greek crisis must entail tough reform measures in Greece. That is the right path to take. Everything else that has been proposed here runs counter to the European treaties, and I expect both the President of the Commission and Parliament to abide by the treaties and not to make proposals that run counter to the treaties.
To Mr Schulz I would say: turning up the volume is no substitute for knowing the facts. It is not speculators that have resulted in Greece’s problems. It is the internal rules – the fact that the Member States have not been prepared to comply with the Stability and Growth Pact. Germany and France – not Greece – were the culprits, setting all the other Member States a bad example back in 2003 and 2004. Not the others.
This is not meant as a criticism of Greece, but if we do not change the rules and the Member States are not prepared to abide by their own rules, then the euro area is going to have problems. Now it is being asserted that the blame lies with speculators. Less than a third of the Greek national debt is secured by Credit Default Swaps. Less than one thousandth of global CDS derivatives relate to Greece. That is just an excuse.
For so long as we are unable to implement the rules and stick to them – and the finance ministers are the culprits here – we will repeatedly find ourselves in difficulties. That is the key; not reproaching any particular Head of Government who is abiding by the European treaties and her own constitution."@en1
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