Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-05-Speech-2-425-750"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2011-07-05"^^xsd:date2
dcterms:Is Part Of	lp_eu:Explanations of vote2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20110705.34.2-425-750"2
lpv:hasSubsequent	lp_eu:2011-07-05-Speech-2-425-8752
lpv:speaker	lp:Phil Prendergast2
lpv:spoken text	"I support this first-reading report on the proposal for a regulation on short-selling and certain aspects of credit default swaps. Financial speculation has caused untold damage to the exchequers of those very states which scrambled to save the financial sector from the brink of destruction, at the expense of essential public services and social provision on which our citizens’ well-being depends. Parliament is sending a very clear message to the Council ahead of the negotiations to come on this piece of legislation: if investors do not own sovereign bonds, or assets whose value is tied to them, they should not be able to seek profit from defaults on debt they do not own by trading in sovereign credit default swaps. Such speculative practices have no real economic utility, and they encourage betting on the failure of states to fulfil their obligations. I also welcome the proposed requirement that naked shorting be allowed only when, at the end of the trading day, the securities meant to be sold have at least been located and reserved."@en1
lpv:spokenAs	member; S&D (2011-04-21--2014-06-30)3 member; Delegation for relations with the United States (2011-05-09--2014-06-30)3 unknown; Labour Party (2011-04-21--2014-06-30)3 substitute; AGRI (2011-05-05--2012-01-18)3 member; IMCO (2011-05-09--2012-01-18)3 substitute; Delegation for relations with Switzerland and Norway and to the EU-Iceland Joint Parliamentary Committee and the European Economic Area (EEA) Joint Parliamentary Committee (2011-05-05--2014-06-30)3 substitute; PETI (2011-05-05--2012-01-18)3
lpv:unclassifiedMetadata	"Phil Prendergast (S&D ),"1 "in writing. −"1

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