Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-03-12-Speech-3-788-000"

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"Mr President, Mr Cercas’s report explains succinctly the formula being applied to the countries investigated: wage freezes and cuts, cuts in welfare spending, part-time and temporary work, and involuntary emigration. It then leaps to three laudable objectives: increased employment, reduction in poverty and reduction in school drop-out rates. It quite rightly calls for an end to austerity. You do not make people richer or reduce their indebtedness by making them poorer. However, its other recommendations lack substance or definition and amount to a prayer for things to improve. It shies away from the root cause: the fact that the euro’s value is too high for their economies. Only withdrawal from the eurozone and a reintroduction of their national currencies, which will fall in value, will allow them to enjoy export-led expansions. The austerity programmes were designed to save the eurozone; they were not designed to help the four countries concerned."@en1
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