Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-02-01-Speech-3-340-000"
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"en.20120201.19.3-340-000"2
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"Mr President, in Ireland we are told to keep the rules of the new fiscal treaty, as it will eliminate any risk of future crisis and will help solve the current one. From 2002 to 2008 Ireland did not once break the Stability and Growth Pact – unlike others. So we know from bitter experience that keeping to the rules does not always deliver and certainly will not deal with the current crisis. In 2007 we had a debt-to-GNP ratio of 30%. By 2014 it will have ballooned to 145%. No developed economy can survive those levels of debt.
We have just survived four years of austerity. Our debt levels, directly linked to bailing out banks in Ireland and in Europe, are unsustainable, and yet we are told that more of the same, without any commitment to Eurobonds, to redemption funds or debt restructuring, will solve our problems. It will not and it cannot, and given that our access to the ESM is tied to ratification of the Treaty, this is little short of blackmail. Those are the hardest words I have ever said in this Parliament. I hope I never have to repeat them. Europe can do much better than that for itself and for Ireland."@en1
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