Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-14-Speech-3-027-000"
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"en.20110914.3.3-027-000"2
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"Mr President, we all woke up this morning to the news that yet another crisis meeting is taking place between the French President, the German Chancellor and the Greek Prime Minister in the slow-motion car crash that is Economic and Monetary Union.
Greece and other countries are suffering from a crisis of competitiveness. They are suffering from a crisis of excessive debt. Listening to this debate this morning, it seems obvious to me that that crisis will not solved by eurobonds. It will not be solved by imposing yet more high-interest loans on Greece. It will not be solved by a financial transaction tax. In particular, it will not be solved by a theological debate about whether it is best to have the intergovernmental method, or the Community method, or other such bizarre solutions.
I am afraid that we have now reached such a stage that the only solution is for Greece to devalue, to leave the euro and to default on its debts. That will be extremely difficult. It will be extremely painful. However, it is now the least bad option that is facing us to try a get a solution to this crisis."@en1
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