Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-04-20-Speech-2-339"
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"en.20100420.12.2-339"2
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"Question No 37 by Mr Morten Messerschmidt ()
Greece is revealing the other side of euro cooperation at the moment. In the good old days, the impression was that everything in the EU was peachy. However, as soon as the consequences of the financial crisis hit Europe, the situation deteriorated drastically. The Greek public deficit was 12.7% of GDP in 2009, well above the 3% ceiling permitted under the Stability Pact for countries in the eurozone. Athens is now forced to impose an austerity package which makes provision for cuts of EUR 4.8 billion to the national budget. The Greeks are being forced to tighten their belts and the austerity measures are hitting everyone indiscriminately, from civil servants to pensioners.
Generally speaking, fluctuating exchange rates are not a good thing. They are of no benefit to anyone, nor do they resolve fundamental, structural problems. However, we are obliged to acknowledge that money, like everything else, has a price. The price of money in Greece is being felt in the form of massive interest rates which are freezing all forms of economic activity. When the situation becomes that drastic, a country needs to be able to apply the emergency brake and ‘slash’ the price of money. Does the Commission not agree with this and does it not therefore accept, by extension, the inherent weakness of the euro?"@en1
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"Subject: Greece and the current crisis in euro cooperation"1
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