Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-06-Speech-1-071-000"
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"en.20110606.17.1-071-000"2
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"Madam President, I would like to say to Commissioner Rehn that I have been looking at the IMF Charter. There is nothing here that will surprise you; it is there to promote balance, growth, exchange rate stability, to lessen disequilibrium and to help countries that are in trouble. The classic method uses is to shore up the finances and organise a competitive devaluation.
Nowhere in here does it say that the IMF is there to support political experiments and, in so many ways, that is what Dominique Strauss-Kahn did. He used the IMF to help bail out the failing euro project and, as such, he was a very poor choice of candidate. Now you want to compound that by approving Christine Lagarde – another member of the European political elite, another euro fanatic, somebody else who believes in propping up this euro project – and I would have thought that, as she has got a vested interest, she is, in fact, a highly unsuitable candidate.
It is as if the EU has hijacked the IMF, that it is now there as part of the support mechanism for the euro, so that it is not just the taxpayers of the eurozone and the non-eurozone EU members, but the whole world that now has to help prop up the euro as the Greek problem compounds by the day.
Well, I suppose in some ways, you may well need Mrs Lagarde because not only is Greece going bust, not only are we heading for the fourth bail-out, but as I have warned before in this Assembly, the validity of the European Central Bank itself will very shortly be called into question. I have warned that you cannot go on buying your own bad debt, but we have reached the point where, within weeks, we may well see that the ECB itself is not solvent, so perhaps your friend Mrs Lagarde can help bail that out as well.
I would have thought this is a very poor choice. The international community at some point will tell you where to get off – perhaps not just quite yet."@en1
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