Left MEPs condemn European Summit agreement as ‘just more of the same’

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The outcome of the European summit on rescuing the Euro cannot be called historic, according to Left Members of the European Parliament. On the contrary, it’s simply more of the same. During the bitter debate in the European Parliament in Strasbourg, MEPs from a range of political groups criticised the accord, but it was left to Euro-MPs from the United Left (GUE-NGL) to point out that the reality of the agreement was more or less the polar opposite of what had been presented in much of the mainstream media.

Dennis de Jong of the radical left, EU-critical Socialist Party of the Netherlands, said that member state governments and their heads had “once again been taken hostage by the financial markets.”  De Jong added that it was the taxpayer who “will be presented with the bill,” and asked  “How much longer will this madness go on for?”

His contribution to concluded: Multinationals are making huge profits. In the third quarter BP recorded a net profit of 3.5 billion euros. Are these profits now subject to higher rates of tax? Or are we limited to the mantra of cuts in benefits and state services, of increasing VAT, all things which hit the weakest and small businesses? And which lead to a vicious spiral of unemployment, shrinkage and still higher deficits.

This vicious spiral must be broken. Tackle the speculators. Stop falling for deregulation. Without deregulation, the banks’ reserves would long ago have been put to rights. Further than that there is a great deal which remains unclear: can the Commission confirm that bonuses are now banned if banks receive state support? And why aren’t bonuses banned in any case? What has been decided regarding the splitting of banks into risky and other banking activities?

An historic agreement - no. It’s just more of the same.