Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-22-Speech-2-431-000"

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"en.20120522.18.2-431-000"2
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"Mr President, if you wanted to help an individual out of debt, would you reduce his hours and his pay? No? Then why is the eurozone doing exactly the same to its debtor countries? Austerity does not pull countries out of debt, it increases the burden of debt by contracting the economy and reducing government revenues. President Hollande might understand that much, but not that the euro is part of the problem. Infrastructure projects have been suggested; I would agree as long as they have been rationally assessed to enrich the communities in which they are situated. So is the answer for all eurozone countries to guarantee the debts of the more profligate by backing eurobonds? More debt is not the answer to existing debt. Quantitative easing, if controlled, directed and delayed, would be infinitely preferable. All states must embrace the principle that what is physically possible should be financially possible. If it is not, then there is something wrong with the financial system."@en1
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