Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-04-18-Speech-3-400-000"
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"en.20120418.21.3-400-000"2
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"Mr President, unlike Italy and Greece, Spain did not get into trouble due to reckless structural deficit. The euro is the cause of Spanish woes. It allowed the real estate boom and enabled private debt to soar but, when the bubble burst, banks could not maintain liquidity and faced insolvency.
But, due to the euro, Spain could not print money to bail out the banks. It had to borrow in bond markets, forcing the deficit to grow rapidly. The government could not then finance aggressive stimulus spending to soften the recession. Spain’s debt-to-GDP ratio was smaller than Germany’s, but the European Union insisted that the government slash spending to force the deficit down. This caused growth to stagnate, unemployment to boom and private investment to stall, leading to the protracted implosion we are witnessing.
Spain’s banks are now entirely dependent on emergency loans from the European Central Bank. Youth unemployment is at 51%. Hundreds of thousands of people are on the streets demonstrating against the austerity which is destroying their country. Surely it is time to scrap the euro – or are you just going to issue another pointless bail-out and continue to wreck people’s lives?"@en1
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The resource appears as object in 2 triples