Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-06-13-Speech-3-028-000"
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"en.20120613.6.3-028-000"2
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"Mr President, another one bites the dust. Country No 4, Spain, gets bailed out, and we all of course know that it will not be the last.
However, I wondered over the weekend whether perhaps I was missing something, because the Spanish Prime Minister, Mr Rajoy, said that this bailout shows what a success the eurozone has been. I thought, well, having listened to him over the previous couple of weeks telling us there would not be a bailout, I have the feeling, after all his twists and turns, that he is just about the most incompetent leader in the whole of Europe – and that is saying something because there is pretty stiff competition! Indeed, every single prediction of yours, Mr Barroso, has been wrong, and dear old Herman Van Rompuy, well, he has done a runner has he not? The last time he was here, he told us we had turned the corner and that the euro crisis was over; he has not bothered to come back and see us since.
I remember being here 10 years ago and listening to the launch of the Lisbon Agenda. We were told that with the euro, by 2010, we would have full employment and, indeed, that Europe would be the competitive and dynamic powerhouse of the world. By any objective criteria, the euro has failed and, in fact, there is a looming impending disaster.
This deal makes things worse, not better. EUR 100 billion is being put up for the Spanish banking system and 20% of that money has to come from Italy. Under the deal, the Italians have to lend to the Spanish banks at 3%, but to get that money they have to borrow on the markets at 7%. It is genius, is it not! It really is brilliant.
So what we are doing with this package is actually driving countries like Italy towards needing to be bailed out themselves. In addition to that, we have put a further 10% on Spanish national debt and I will tell you – and any banking analyst will tell you – that EUR 100 billion will not solve the Spanish problem; it would need to be more like EUR 400 billion.
With Greece teetering on the edge of euro withdrawal, the real elephant in the room is that once Greece leaves, the European Central Bank is bust. It is gone. It has EUR 444 billion worth of exposure to the bailed-out countries and to rectify that there will need to be a cash call on Ireland, Spain, Portugal, Greece and Italy! You could not make it up, could you? It is total and utter failure. This ship – the Euro Titanic – has now hit the iceberg and, sadly, there simply are not enough lifeboats."@en1
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