Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-27-Speech-2-214-000"
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"en.20110927.26.2-214-000"2
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"Mr President, if you were badly in debt, if you were overdrawn on your credit card, if you were struggling to meet your mortgage payments, what would you do: spend more, or spend less? The European Union has not hesitated to answer that question collectively. It has responded to the debt crisis by a massive increase in debt, forcing additional liabilities on to countries that could not meet their existing liabilities.
Rather than correcting the malinvestments of the decade of cheap credit, we have rewarded those malinvestments, bailing out, first, banks and then entire countries. And now, that ‘bailout-and-borrow’ policy has reached is apogee. If reports are to be believed, the European Stabilisation Fund is going to be quadrupled – with yet more borrowing – into a EUR 2 million fund: a sum that our minds are not designed to comprehend.
That is the logical end of the policy we began on when we started borrowing. And who, ultimately, is going to stand behind this fund? Why, the taxpayers of the eurozone: in other words, the taxpayers of, among other places, Ireland, Greece, Portugal, Spain and Italy. ‘My masters, are you mad?’"@en1
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