Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-05-Speech-2-422-656"
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"en.20110705.34.2-422-656"2
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"Europe must learn the lessons from the Greek crisis and reduce the opacity of the financial and banking markets. The use and promotion of financial products which only serve to enrich speculators must be denounced. We must also ban ‘naked’ credit default swaps (CDSs) on sovereign debt; in other words, the option to buy an insurance security without holding any bonds from the Member State – Greece, for example – and thus to speculate on the bankruptcy of the country without being exposed to any risk. This measure would enable us to eliminate the most speculative types of exchanges, which increase the volatility of the markets and have put Greece, Ireland and Portugal in untenable positions. We are sending a strong message to the Council, and meanwhile negotiations will recommence among the 27 after the summer, with the objective of reaching an agreement at the start of the autumn, before we legislate on financial instruments."@en1
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