Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-27-Speech-4-101-000"
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"en.20111027.6.4-101-000"2
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"Mr President, it was high time the European Council finally committed itself to a comprehensive aid package aimed primarily at helping those economies that are mired in debt.
There is no question that a 50% debt write-off by the banks will give the Greek economy time and space to draw breath and obtain fresh funds. The second Greek rescue package clearly reflects the principle that the banks must play their part in dealing with the crisis.
Reinforcing the European Financial Stability Facility provides a safety net. It is quite right that it should first of all help Member States in their hour of need and only in second place – subject to compliance with certain conditions – the banks, which will also be required to make the necessary adjustments in their own operations.
Of course there are still doubts and details to be clarified. The response of the market makes this clear too. However, I would like to think that we are over the worst, and that this solution will have a stabilising effect not only on countries struggling under the debt crisis, but on the whole of Europe."@en1
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