Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-06-11-Speech-1-122-000"
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"en.20120611.21.1-122-000"2
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"Madam President, we have another banking bailout and Spain is repeating the Irish mistake. We have to ask the questions why have Spanish bond yields increased today and why is it costing Italy more to borrow money? It is because of the toxic link between insolvent banks and sovereign states that are already under significant pressure.
Spain, like Ireland, has piled its debt onto the shoulders of its citizens. Ireland, despite the fact that its debt-to-GNP ratio will peak at 150% next year, still continues to pay unsecured bondholders. Unfortunately for Spain, it, too, has joined the club. Yes, there are some cosmetic differences and some face-saving for Spain. As a large country, it was able to demand and get those few extra crumbs from the table, but that, in the final analysis, is all it amounts to.
Surely EU leaders can see that we are fast approaching the end of the line. Yes, we have bought some time, but the feel-good factor did not last past lunchtime today. We need emergency scaffolding to prop up the crumbling infrastructure of the euro right now and, in my view, the minimum required is some kind of banking union, a deposit-interest guarantee scheme, EU-wide banking supervision and regulation and, crucially, some kind of bank resolution scheme."@en1
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