Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-07-03-Speech-2-058-000"
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"en.20120703.5.2-058-000"2
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"Mr President, Mr Daul, I would simply like to state that we cannot say that Spain or Italy have not made any efforts. They have made efforts. However, the problem is very simple. Mr Monti can take any measure and implement any cuts that he wishes, but half of his efforts will be eaten up by shareholders and by interest rates that stand at, and will continue to stand at, around 6-7%.
This problem will only be resolved when the Council recognises the need to partially pool the debt via the use of eurobonds and sinking funds, which Mr Van Rompuy refers to in his note and which has still not been accepted by the Council, and if the Commission introduces a proposal along those lines.
I do not see any Head of Government who will be able or who will have the courage to turn down such a proposal once the Commission introduces it, given that the proposal will also have a positive effect on interest rates and the markets."@en1
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