Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-02-24-Speech-1-218-000"
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"en.20140224.23.1-218-000"2
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"Mr President, at the end of five years we in the House, the Council and the Commission need to answer some very serious questions from our voters about austerity and accumulated debt levels in the Member States. According to Eurostat, in 2012 Ireland – my own country – had general government gross debt and consolidated private debt amounting to a staggering 420% of Irish GDP. Portugal was next in line at 340%; Greece had 285% and Spain 280%.
Yet all of these Member States have undergone systemic cuts in government spending. All have undergone severe cuts to services which target the needy in a disproportionate way. SMEs are struggling, and youth unemployment levels are shaping a lost generation in those Member States.
It is low interest rates that keep countries like Ireland barely afloat. Debt is accumulating; interest payments on debt increase while growth is stagnant or marginal. It is a never-ending, grinding, bottom-scraping cycle. We need to give our voters hope. Debt restructuring, redemption funds, eurobonds are all …"@en1
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