Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-10-Speech-2-156-000"
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"en.20110510.60.2-156-000"2
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"Madam President, a billion here, a billion there, and pretty soon we are talking real money. The amounts that have been dedicated by the European Union to these bailouts dwarf the domestic spending of our national governments. The United Kingdom alone has so far made available GBP 7 billion in Ireland and it is now about to be asked for another GBP 4.2 billion in Portugal.
GBP 7 billion is more than the value of all the domestic cuts we have made in social security put together – and all for a policy which is now visibly failing. When the Greek bailout was originally agreed we were told that it would be enough to deter the speculators, that Greece would now be borrowing competitively in the market and that no more would be needed. Yet, we now see Greece openly negotiating for a default and for further loans.
It is clear that we are not going to see the money again. It is also clear that we are breaking the law. These bailouts are not merely unauthorised under the Treaties, they are expressly prohibited and, worst of all, they are damaging to the recipient countries. There is a racket – a Ponzi scheme – whereby governments and banks connive to give money to European bankers and bondholders, while expecting the repayment to come from ordinary European taxpayers. Ireland and Greece are now having to borrow more money to send to Portugal, while at the same time Ireland and Portugal are having to borrow more money to send to Greece.
Let me finish by quoting my countryman Rudyard Kipling.
‘You will find it better policy to say:
‘We never pay
one Dane-geld
No matter how trifling the cost;
For the end of that game is oppression and shame
And the nation that plays it is lost!’"@en1
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