Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-13-Speech-2-044-000"
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"en.20111213.5.2-044-000"2
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"Mr President, the umpteenth last-chance European summit will most probably have the same outcome as that of previous summits.
By rushing headlong into technocratic federalism, while showing no regard whatsoever for the basic rules of democracy, this summit has set in stone the policy of austerity and the submission of national budgets to the dictates of the Commission and the Court of Justice, with automatic financial penalties for the States to boot. The markets dreamt about this, and the governments have done it.
The upshot will be a fall in consumption and an explosion in public debt. In other words, the sovereign debt problem is not behind us, but in front of us.
One issue remains, however, and it proves who the real beneficiaries of this umpteenth pointless summit are. Once again, priority is being given to the banking and financial sector, to the detriment of the States and taxpayers. Europeans are seeing the burden of private debt being placed on their shoulders, with the support of a political class at the service of the banks and the financial markets, and they are powerless to do anything about it. The people will not forgive you for that!"@en1
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