Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-05-21-Speech-2-525-000"

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"en.20130521.40.2-525-000"2
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"Mr President, the elephant in the room in this debate is, of course, Cyprus. Let us recall that the Cypriot Government, with the agreement of the Troika, was willing to effectively break the Deposit Guarantee Scheme and rob money from small depositors. That threat cannot be undone, and it significantly undermines all this talk about banking union. Dr Sheila Killian from Ireland drew an accurate comparison when she wrote: ‘Imagine a snowed-in family just once agreeing that, if we get really hungry, we can eat the rabbit’. You can take that back all you like. Everybody knows that the rabbit is not safe any more. He is not just a pet. He is protein. Depositors are not just protected customers now; they are also a source of money to save the bank. It shows that there are no rules that will not be broken in the scramble to protect the interests of the one per cent. Who is to say that bank accounts will not be raided in Spain, Portugal, Greece or even Ireland at a later stage? Really effective banking supervision means democratic public ownership and control over the banks, which is the only way you can have control over banking policy: avoiding speculative activities, ensuring that small businesses can get access to credit, and stopping people being evicted from their homes."@en1
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