Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-11-Speech-3-606-000"

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"Mr President, the current approach to the debt crisis exacerbates the problems. Yes, Greece, Portugal and Ireland are being offered a debt settlement, but their debts are being increased, not reduced. This approach is a disaster – it is solving a debt problem by taking on more debt. Mr President, Europe needs to move on from its taboo on writing off debt. We can move forward by restructuring public debt with a partial writing off of debts in combination with enforcing the requirements of a tightened-up Stability and Growth Pact, including automatic penalties. Obviously, this is a tough approach designed to bring about a ‘shake-out’ amongst the banks, some pensions institutions and bondholders, but we need to get through this. It is a question of no pain, no gain. Writing off public debts in combination with enforcing strict requirements paves the way for a new future. If we do not do that, there is only one future, which is weak countries leaving the euro area."@en1
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