Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-01-19-Speech-3-016-000"
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"en.20110119.4.3-016-000"2
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"Mr President, the permanent Financial Stability Mechanism in practice is nothing more than another tool to cushion major European banks from the consequences of their reckless speculation on the financial markets. It is a mechanism to make working class people throughout Europe pay for the crisis of a broken financial system and a crisis-ridden European capitalism.
Mr Barroso and Mr Van Rompuy, tell me this morning – because you have not done so yet – about the morality of transferring tens of billions of euro of private bad debts by speculators and bankers gambled wildly on the Irish property market and placing those debts on the shoulders of the Irish people who carry no responsibility whatsoever for them. Far from being a bail-out, your IMF-EU intervention in Ireland is a mechanism to make the Irish taxpayers vassals to the European banks. You are destroying our services and the living standards of our people. You claim to be democrats, but you enslave the working people of Europe to the markets, the financial markets, which lead you around by the nose.
Your Financial Stability Mechanism is a vicious weapon dictated by the markets, masquerading as something benign. We, on the left in Ireland, will insist that it goes to a referendum of the Irish people before it is passed."@en1
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