Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-05-Speech-2-428-000"

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	"nl"^^xsd:language2
lpv:document identification number	"en.20110705.34.2-428-000"2
lpv:hasSubsequent	lp_eu:2011-07-05-Speech-2-428-5002
lpv:speaker	lp:Bart Staes2
lpv:spokenAs	member; G/EFA (2009-07-14--2014-06-30)3 vice-chair; Delegation to the EU-Kazakhstan, EU-Kyrgyzstan and EU-Uzbekistan Parliamentary Cooperation Committees, and for relations with Tajikistan, Turkmenistan and Mongolia (2009-09-29--2012-02-12)3 vice-chair; CONT (2009-07-20--2012-01-18)3 member; Delegation to the EU-Russia Parliamentary Cooperation Committee (2009-09-16--2014-06-30)3 substitute; DEVE (2009-07-16--2012-01-18)3 substitute; Delegation to the Euro-Latin American Parliamentary Assembly (2009-09-16--2014-06-30)3 unknown; Groen (2009-07-14--2014-06-30)3 substitute; ENVI (2009-07-16--2012-01-18)3 substitute; Delegation for relations with the countries of the Andean Community (2009-09-16--2012-02-05)3
lpv:translated text	". The European Parliament today drew clear conclusions on lessons to learn from the global credit crisis and the European debt crisis. The House voted in favour of banning naked credit default swaps (CDSs) on government bonds and of keeping naked short selling in check. Credit default swaps act as insurance for bondholders against payment problems on the part of governments and businesses. These derivatives are, however, also sold by speculators who do not hold any bonds themselves. Anyone who holds credit default swaps without an underlying interest is positioned to gain in the event of panic on the financial markets. This is because, whenever doubt arises about the ability of a country to pay off its debts, these CDSs increase in value. The speculation on CDSs did not cause the crisis relating to the debts of Greece and other countries in the euro area, but it did greatly aggravate it. Speculators should only be permitted to buy Greek CDSs if they really do hold Greek government bonds. That would make it more difficult to gamble on Greece going bankrupt. Speculators on the financial markets find it too easy to profit from this kind of perverse trading, while European taxpayers pay the price. I am thus pleased that this House adopted the proposal to prohibit the holding of naked CDSs on government bonds. I hope that the Council, too, can be convinced by this idea in the forthcoming negotiations."@en1

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