Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-05-11-Speech-3-612-000"
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"en.20110511.35.3-612-000"2
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"The cause of the sovereign debt crisis is speculation on the indebtedness of Member States that have come to the rescue of the banking sector, which is directly responsible for the profound crisis we are experiencing. The banking sector has shirked all its responsibilities, especially its financial responsibilities, and is making record profits, while European taxpayers and workers are being asked to tighten their belts. As for the sacrosanct markets, they are now setting the tone. Commission and governments have just one obsession: to reassure them. The whole of last weekend was filled with misinformation on debt restructuring and Greece’s exit from the euro: rumours spread by those who have wagered billions on a default they are trying to create in the first place. Debt restructuring would, it appear, be a catastrophe – for private investors. At the same time, it was announced that the
(BNP), for example, would lose much less than the EUR 6 billion in profits expected this year and that, without the exorbitant rates of interest, Greece’s deficit would be 1.5% of GDP and not 8%. The speculators are stuffing themselves on taxpayers’ money and are clearly set to bleed them dry. It is time we stopped this unhealthy circus."@en1
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