Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-04-06-Speech-3-152-000"
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"en.20110406.29.3-152-000"2
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"Mr President, reading our voting list today, I have the feeling that I am reading a long and expensive bill of fare. Each of these items comes down to a reallocation of resources from European taxpayers either to some fishing fund, or the solidarity fund, or rescuing flood-stricken areas, or whatever it is.
I would like to focus on one particular abuse of this process, which is the use of Article 122(2) to mobilise money for bail-outs of stricken economies, specifically that of Portugal. This fund was designed for natural disasters such as earthquakes and floods. It has been reinterpreted to mean an economy that has run out of money. It is patently illegal. Not only is it not provided for in the Treaties; it is expressly forbidden under the ‘no bail-out clause’. This Chamber is in plain violation of its own regulations. In bailing out these countries, we are hurting them – because you do not help an indebted friend by pressing more loans on them – and, of course, we are hurting our own taxpayers as well as violating the law. It is absurd that Ireland and Greece will be joining the bail-out of Portugal. You cannot carry on forever getting deeper and deeper in debt. The day of reckoning is coming."@en1
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