Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-04-18-Speech-3-554-000"
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"en.20120418.26.3-554-000"2
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"Mr President, ladies and gentlemen, this regulation will ultimately make cohesion policy part of the euro rescue package policy. That is something we reject. This is nothing less than a kind of debt sharing, intended as a sort of mini-Euro bond under the fig leaf of cohesion policy. I agree with Ms Hübner when she says that the austerity packages have not had the desired effect. That could have been predicted from the outset, however. Austerity packages, particularly in Greece, have actually weakened the domestic economy, if not actually destroyed it in some cases. It is evident that the policies of the European Union in relation to rescuing the euro in Greece are slowly reaching impossible levels.
Giving this regulation the title of ‘Risk sharing instruments for Member States experiencing or threatened with serious difficulties with respect to their financial stability’ is a first-class example of euphemism and spin. We are now all experiencing difficulties – all of us who have accepted shared responsibility and who will continue to bear this shared responsibility thanks to the ESM. We are dealing with countries that are, in fact, on the verge of bankruptcy. This mini-instrument is intended as a way of avoiding state bankruptcy. This is beyond ridiculous. It will not help Greece in any way. What we have here is a series of placebos that are being distributed on a piecemeal basis.
The financing of these infrastructural projects and operational programmes is already putting too much strain on a country like Greece to fund itself, not to mention the cofinancing, which will cost one-and-a-half times as much. How can this work? I can assure you it will not work. This is a socialist approach that is doomed to failure. We must recognise that Greece can only return to economic growth if it is granted competitive advantages. The most meaningful competitive advantage it could have at present would be that deriving from having its own currency, enabling it to control its own economy once again and to make the most of the associated competitive advantages. That is precisely what is not happening. Hence, this policy is fundamentally wrong."@en1
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