Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-24-Speech-4-126-000"
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"en.20110324.22.4-126-000"2
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"Mr President, yesterday we voted on the permanent stability mechanism and we flunked it. Amendment 33, which would have given the fund the ability to purchase bonds on the secondary markets, was withdrawn. The Parliament, like the European Council up to now, refused to take the hard decisions. Yes, they are hard decisions, but these decisions will determine the future or the failure of the euro zone.
Our heads are in the sand, like the proverbial ostrich. We do not just have a currency crisis; we have a banking crisis and we have a sovereign debt crisis. And yet we persist in putting sticking plaster on deep wounds.
My own country, Ireland, is shouldering intolerable debt, all because German, French, Irish, British and other banks – along with lax regulation and non-existent supervision – acted like casinos. Bad debt has become citizens’ debt. I will not say sovereign debt, it is citizens’ debt. All of this happened under the noses of the ECB, with interest rates that were totally inappropriate. Irish citizens are expected to deal with all of this. Nobody is prepared to face reality. The debt is unsustainable. We have been trying to buy time with bailouts. What we need is major restructuring."@en1
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