Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-05-19-Speech-3-055"

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"Mr President, as a Greek member of the European Parliament, I should like to repeat in the House something which I have said in public in Greece from the outset and to express my gratitude for the help which my country has received from the European support mechanism which, in conjunction with harsh but mostly unavoidable measures, has prevented the Greek economy from immediate collapse. It would be useful if the mechanism for Greece had been adopted with the speed at which the support mechanism proceeded for other economies, when Europe finally realised the risk which we were all running. Today is the first time that I have seen real determination, both in Parliament and in the other European institutions, to look directly and realistically at the real economic impasses in Europe. Why are we in this situation? The main reason is that we have spent beyond our means and run up credit. We spent when there was no crisis, we spent during the crisis, we are spending now on our way out of the crisis. Anyone who wants to learn what happens when you consistently spend more than you have just needs to come to Greece. The European Monetary Fund and the other institutions proposed in the resolution under negotiation are moving in the right direction. However, if it is to provide real incentives, the Fund needs to take account not only of the absolute size of the debt and deficit, but also of the speed of reduction of the debt and the deficit. Our real problem, and I say this to the left wing, is that 4 billion people in the developing world living on EUR 200 a month have discovered capitalism and are claiming global resources and markets from us, the rich, who live on EUR 2 000 a month. We in the West do not have a monopoly on the capitalism on which the old European model was built. If we do not change, if we do not hurry up with structural changes, competitiveness and innovation, we shall simply live more poorly."@en1
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