Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-15-Speech-2-434-049"
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"en.20111115.27.2-434-049"2
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"The vote on this report is the first of its kind in the world in the regulation of the financial markets. The tremendous pressure exerted by the markets and rating agencies on countries is unbearable on a political level, and on a social level it is a terrible assault on the people of Europe, who are repeatedly suffering the effects of austerity plans. The ban on naked short selling on credit default swaps (CDS) is real progress: from now on, speculators will no longer be able to contract credit default swaps (a financial product for insuring against debtor default) on state bonds without owning those bonds. In other words, it will no longer be possible to speculate and make money by betting on the collapse of an economy. This is truly an unprecedented step forward in the fight against all-powerful financial capitalism. The long-term objective is to ban in the same way all naked selling on the financial markets. Finance must serve the real economy, not the other way round."@en1
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