Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-03-13-Speech-2-037-000"
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"en.20120313.6.2-037-000"2
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"Mr President, I would ask the President of the Commission why it is that the second Greek package will not work. It is for the same reason that the first did not work: because what is important is not the size of the countries’ debt, but rather their ability to manage the resources for paying this debt.
The Troika’s obsession with fiscal rigour is imposing payments, apparently unchecked, on the Greek economy that are pushing it year after year into a never-ending recession; it is not very clear to whom they answer. In a recession, there is no way of paying. In an economy in which exports account for no more than 20% of production, reducing wages and increasing taxes will not increase competitiveness, but will simply crush domestic demand.
Next year, Greece will have been in recession for five consecutive years; that is unique in European history. In 2011, production declined by 7%, 200 000 companies went out of business and unemployment hit 23% of the active population. Since the Troika came to Greece, 32 new types of tax have been introduced and there has been a 50% drop in disposable income.
In this context, the question is, what will be the source of the dynamic enabling Greece to pay that which it has borrowed and owes? Meanwhile, the second package provides for a primary surplus of 4.5%, in order for its targets to be hit. What is the source of Greece’s growth?
Meanwhile, the Troika recommendations accompanying the second package prescribe wage cuts of 22%, and of 32% for young people. The question is, are we at a turning point with the contamination existing in Europe? The situation we are in is certainly an emergency. Either sovereign debt is mutualised quickly and a veritable Marshall Plan for growth in Europe is launched, particularly for the countries that are currently in difficulties, or our turning point will, unfortunately, lead us off a cliff edge.
Saying this is regrettable, but I think the warning must be set out in a very clear way."@en1
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