Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-16-Speech-3-046-000"
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"en.20111116.5.3-046-000"2
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"Mr President, a couple of months ago I made a speech here indicating that the best solution to the Greek crisis would be an orderly default, with a significant ‘hair cut’ to private and public bond-holders. I made a distinction between insolvency and liquidity, and argued that insolvency cannot be addressed by throwing good money after bad.
Commission Rehn dismissed my proposal because he felt it would trigger a domino effect and the Commission feared contagion. Now we do have contagion – see the example of Italy – without having made any significant move to solve the Greek crisis. The Commission and the whole European political class is dangerously behind the curve.
What needs to be done? Euro area governments have to push through an orderly ‘hair cut’ immediately; the EFSF needs to be recapitalised before France loses its triple-A rating; Greek banks should sell their Balkan empires, and the remaining carcasses have to be taken over by well-capitalised financial institutions; privatisation should go ahead at full steam; the tax system must be streamlined, and its rules enforced with rejuvenated administrative vigour; societal solidarity needs to be rebuilt. For the sake of preserving democracy in Europe, capitalism must be saved."@en1
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