Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-11-20-Speech-3-194-000"
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"en.20131120.38.3-194-000"2
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"This year the highest annual increase in unemployment in any EU country was recorded in Cyprus. The jobless rate is at an all-time high at 17 %, with youth unemployment even higher. While an extra EUR 100 million in Structural Funds may go some way to help kick-start Cyprus’ ailing economy, let us not forget that EU aid to the island has been the cause – not the solution – of many of its problems. The euro area/IMF bailout of EUR 10 billion has seen depositors lose half of their savings, the economy shrink by 10 % and public debt on course to rise to 126 % of GDP. In short, the euro area is strangling the Cypriot economy. All countries need to tighten their belts in the face of the current economic downturn. However the conditions imposed on Cyprus by the euro area are transforming a recession into a depression. Cyprus needs to leave the euro. Only through an orderly exit from the single currency can it avoid its economy spiralling ever downwards."@en1
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