Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-15-Speech-2-434-179"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2011-11-15"^^xsd:date2
dcterms:Is Part Of	lp_eu:Explanations of vote2
dcterms:Language	"fr"^^xsd:language2
lpv:document identification number	"en.20111115.27.2-434-179"2
lpv:hasSubsequent	lp_eu:2011-11-15-Speech-2-434-1832
lpv:speaker	lp:Marie-Christine Vergiat2
lpv:spokenAs	unknown; Front de gauche pour changer d’Europe (2009-07-14--2014-06-30)3 member; CULT (2009-07-16--2012-01-18)3 member; Delegation for relations with the Maghreb countries and the Arab Maghreb Union (2009-09-16--2014-06-30)3 substitute; LIBE (2009-07-16--2012-01-18)3 member; DROI (2010-01-18--2012-01-18)3 substitute; Delegation to the Parliamentary Assembly of the Union for the Mediterranean (2009-09-16--2014-06-30)3 treasurer; EUL/NGL (2009-07-14--2014-06-30)3 substitute; Delegation to the ACP-EU Joint Parliamentary Assembly (2009-09-16--2014-06-30)3
lpv:translated text	"The European Parliament has adopted a law curbing sovereign debt speculation by banning credit default swaps (CDS). Credit default swaps can be held by a speculator even if the speculator does not hold any debt. In practice, this amounts to insuring the house of his neighbour and selling this insurance when there is an increased risk of fire. Credit default swaps have led to frenzied speculation, with speculators buying them in huge volumes in order to increase the perception of a risk that the country will collapse. In so doing, speculators artificially increase the price of these CDS and sell them at very high prices to the holders of the debt. It is an aberration. Banning credit default swaps if the purchaser does not hold bonds issued by the country involved is a positive step. This measure will certainly not be enough to stem the crisis. However, it does have the merit of demonstrating to all who are still in any doubt that the financial crisis is not an act of fate but the result of political choices, and these choices can be re-examined. Determination to control the markets and to regulate the speculators is not a pipe dream, of which there is ample evidence."@en1

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