Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-15-Speech-2-434-063"
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"en.20111115.27.2-434-063"2
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".
I supported the agreement reached between the Polish Presidency and the European Parliament delegation to ban naked selling on sovereign debt. In my view, it is important, in the wake of the decision taken by certain Member States (Germany, France, Belgium, etc.), for the European Union to ‘clean up’ the jungle of financial instruments that are destabilising the markets and reducing the monetary funds available to finance the real economy. The creativity of the experts is clearly limitless, as in this case, where financial institutions have the possibility of purchasing credit default swaps without owning the underlying assets, for example, Greek state bonds. Applied to the real economy, it is as if a citizen were given the opportunity to take out a fire insurance policy on his neighbour’s house, giving him an obvious interest in a little arson.
It is the worst possible temptation! In adopting this regulation here, the European Parliament is seeking a ‘return to normal’. As the rapporteur, Mr Canfin states, this compromise ‘will make it impossible for a hedge fund to buy Greek or Italian credit default swaps (CDS) without already owning the bonds of those countries, for the sole purpose of speculating on the country’s default’."@en1
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