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moving on to a new face to a recovery
of coping thence and two ish optional growth
the question Mayo son noise some who understand
that the euro zone crisis
is not over it may annoy some who are
experiencing then employment the cats in pay and pensions
the decline in schools and health care
there are many who are living crisis
for whom the important question
is not whether the euro zone can be saved
but whether it should be saved
opposition on his mother is clear
the euro zone shoot be saved
the euro zone may have been
a mistake its trade is
and charters our float and should change fundamentally
some say the certain countries
should perhaps not have joint we could debate these matters
but I proofread to lead the historians to do that
they do not mothers day today the euro zone exists
who have an economic Union
and two common currency and the mediator alternatives
are watch in exit would not
benefit denigrated States on the contrary
it will trigger grave new problems the management of
an unstable new money backgrounds inflation
flight of capital and played with people fully resolve alone
Greece should not exit the euro zone
but there is a second reason
an exit by Greece
or any other precious Camry would be a disaster for you
this is something that's deep down
everyone knows for the moment
one country leaves the markets and the speculators
was that asking who's next they will be saying to each other
s you use the same Texas game on
it's a process that once that its
cannot be stopped no matter cuz mall
the departing country baby my mother whether
it leaves will entirely or
is pushed out how European
interest lacing chains Inc the euro zone she other
3 basques the fest
the first to ask is the chains ideas
the second dusk
the second bus
is to change policies and the third
s necessary is to change institutions
to change the favor the very foundations today's europe the camera market then
the European Union
was founded its on certain principles
among these were no more
European watch
European idea
it's the old your
be an idea and it was pushed aside
years ago by an ideology of markets and competition
that's the new European idea
we call its the neoliberal idea
we say heats
it she said searched recital idea
and against eats we stand for that additional
values over the founders are you what we seek
is that Europe returns to the practice
and should've those all the values
in are no situation
the rice of syriza
to power in Greece would be a decisive factor
that will turn the tide in favor
all the forces of democracy
in growth in europe it will be
a bit shy for all for all the peoples in Europe
in that respect we are now sure
that were not alone anymore
the state is now opposed by many more politicians and analysts lawn
two or three years ago all this forces
must come together to united front labs will change the European policies
allow me to add that's
the proposal for my candidacy
to the position of the president of the European Commission by the Presidium of
that bad deal the European lifts embodies this condition potential
it gives the proper and Shola answer to the question
with which policy Europe would
exit the crisis show our future
government the shares a government in Greece will not be alone
is not going to be in negotiation
between Greece and Germany is going to be
class over the forces of growth employment
in lunch site and the process of
austerity and Merkel has been European the other site
in frozen
of shots they lemma social democratic parties
must decide whether the family love the crisis in Europe
has been a success or not ahead today
missile at mister that then
you lit then he
admitted thats during
these three years over the crisis in Europe
from there
17 leaders all
the euro zone of the gun is over the years old now in the bar only two of
them
so I think that this does not mean
that we do have a success story in Europe
but of course who have a success story for
for some love them for America maybe because she still it
she still in power but not for the others
not full the European Union as a whole
show a
I said that social democratic parties must decide whether they can love the
press as you know has been a success or not
and whether they future will be similar
to that those the Greek Social Democratic Party Bus ok
that this around or below five percent in the balls
way it but this abating
im their very air right-wing
government of mister summer us led to the lament
the euro zone came generation after the European Union
it was built on the new no liberal principles
privatization deregulation
a rigid price stability fixated senator bun
monetary union without fiscal union
most social compact at the route European level
and if crisis come comes
high unemployment ends low wages will absorb it
these were the peelers
above what we call them know liberal consensus between conservatives
and Social Democrats in European Union the lush
also a confederacy
is well known but got federal cities
do not endure they can of course survive for a time but
they growth depends on private capital flows
on sequences of bubbles which are
incredibly unstable for a time
money flows beam local elites like he's very much
the invests big late called lamps
and roll rates moving
but though their new wealth out to all the country
and away from the taxman local banks began
they dance of much bigger foreign banks
the bank's competes
their its other to lent money
to commercial builders homebuilders into the state
and then the bubbles rest
this is no different from what company in the United States
and ish its shares important common reasons
but in the United States has some important shock absorbers
that but so europe do not skip
for example this day they've never did not have
to go to the money markets to raise money in order
to bail out its banks
he did not have to pay for the unemployment benefits
of then the newly unemployed
he did not have to pay for the course or
Social Security and medicare that always rise during
about this session like that
even had to do all these without the banking
of essential bun both the state of Nevada
and all the banks in Nevada
would have failed
and the soon after after states would have followed
other states will could call that is look up in in Europe
so our first post bust
our first bus is to chains ideas
a second dusk is to change European polish
what where the European policies in this phone
in response to the crisis
simply boots they wear no liberal policies
the United States reacted two crashes with
ken Chan stimulus quantitative
is quantitative easing QE ends universal health care
Europe reacted with let's launch
made two states on condition of violent the state
the loans were bused on to banks
who then repay the their debts to not the bank's
retaining it beats for recapitalization
the process dependent the bike MCO
the state's without reviving the economy
all the banks europeans where boost
into a deep poverty and
in Greece and as well our social security system
were destroyed but local bunkers remained in control of a
effectively bankrupt backs
this is the Straits position
so today s speak to you
a new look let me say this rate a new clip to Chrissy
is being created in my country
it uses money provided by Europe's taxpayers
to they show that insolvent Greek state
with the state gives too big already got X
for their own use
they will never pass it on to a private sector
star or of credit and finance
in Greece sales taxes carrots
23 percent property taxes are so high that
they is amu of Education
business collapsed so leave
professionals emigrates
in people are hungry
very hungry
the bankers meanwhile control the media with
advertising bet for from the bailout funds
meanwhile their banks sink deeper into
insolvency bride's mother has cooper's
just reported that Greek banks are facing
65 billion euros of non-performing loans
why their capital passion is no more than 30 billion euros
in this sad situation is described this
a Greek success story
that this a piece of propaganda lot
George Orwell would disregard nice baikal I
presented as a true use doublespeak
and keep repeating it
so let me now ask the important question
how can we save the euro zone in a way that makes it possible
for the people love europe to dream again the dream
of shared was prepared D
we immediately need to address for problems
for problems the problem with are buying sector
the problem with public finances and that
the problem of extremely low
investment especially in the periphery
in the humanitarian crisis that we're facing now
not only in devastated got his leg break
but also in north Europe where poverty is creeping up
even in Germany
how do we deal with this for problems
the Russian will effective ways to do so
without creating if federal
Treasury with no los
of national sovereignty with more fiscal transfers
with not German or Dutch grandis
four-week iris or Portuguese debt
with no need for major treaty changes with no new
institutions here
are the four elements over the program
that's the we immediately
I will apply it will be the government
in Greece press the Fall Fest element debt
we believe that they should be the European Central Bank
did manage but the that of member states
centrally without fiscal transfers
and without the violating its
charter but we should make no mistake
along resolution on the debt problem of European countries
can only be materialize if a significant but
of public debts is right enough
that is why we support the idea
awfully the National girlfriends and public debt
like the Gulf runs out in 1953 London
in 9050 the 22 countries include agrees
except its the right of
of sixty 2.5 point 5 percent
of the German death is was
to break condition for prosperous europe
ands I'm sure we can prove that humanity
has begun ***
so for the deaths they're great element
is cancellation
of a significant but that not only for Greece
butts for all European periphery countries
because we don't believe that the problem is a great problem
that the PC European month
the second element banks
the European cinnabun in association with the European Stability Mechanism
should place all banks and the royal authority
immediately and create the single euro zone whites deposit is run seem
you can use its spyware to break down the local
kleptocracy is that are now builds on the docks bailouts
included a special English
third element investments
the European Investment Bank can recycle European and global surpluses
into a new investments on a large scale
with a helping hand from the European Central Bank
it good you could administer pan-european
investment lead recovery program
so that its what we
call a new European you deal
and forth elementary that
Europe's most venerable citizen
needs direct assistance in reason to believe
in the future love europe
food Schendel not pleased because its
the weapon or the national fastest
we must oppose Europe
good jus at the next European summit
to use that counting profits accumulating
we've been the European System of central banks
to funds and make us tie food stamp program
and also a minimum unemployment benefits him
to alleviates the most extreme poverty
anywhere in Europe
so let me say that
the official this proposal are in this room in
%ah yen is verified the sand and got with
the proposed that when they're wearing happens last summer
so I will not say more on this except to add
there's a way to make the euro zone both sustainable and good
and thats she's a government
will push for Sat solution solutions
at the European Union level
but let me know but let me it now
before I turn to the Greek situation and to share is this plan for Greece
to mention the following
where whereof the decision of the economic committee of the European
Parliament to investigate
the actions of troika
in the crisis countries
we expect to see the proper
committee or subcommittee inquiry
with a strong and full movement eights to call upon all parties involved
including
foreman current prime minister and manage their finances
in the grass is congress central bankers
consult the cramps and European Commission officials
the president's over the European Parliament said
that somebody must be held responsible
for what has happened in the county's
that follow it dry cuz programs
Draka policies
we agree on that and we will contribute to that direction
butts the president love your pet my element
must also on so the following
if somebody is she says must be held responsible
why a suit the Plymouth nation of the program
continue I think that
we need a very clear answer his question
the people Europe neutron love election for you to bet Parliament
meet and must have clear on search
led to the lemon Greece is facing a humanitarian crisis SA said
she's a government's first priority will be to
address this the same time was souter the political struggle
I'll let me say on two fronts
the first front will be in Brussels
in Frankfurt in Berlin
we must convince our partners there
that the president karsh leet sauce leads
all of us all Europeans to a terrible didn't
to do this we must first get them to talk
and they will talk if the political change in Greece
has taking place and
if a wide front of and use deadly force is
this cat a good performance in the forthcoming European elections
the current government is trying to impress you to buy playing the role
although the model prisoner
and had thing that he does not work look
does look at the promise the promises so South
of some debt relief for Greece
for a year it was put on hold waiting for the general exchange
now we're being told to wait until the summer for the European elections
so there not to love this game is clear
did you stop with this is a government
we've had the right and the duty to the month
that the V love silence be lifted
that Europe should stop pretending
ends indeed I would like to ask
although you if anyone of
love you believe that Greece can repay
$83 billion euros in interest payments
until 2020
without annual
without asking once again the European taxpayers
felim the black holes
of but not bucks
i think thats the answer will be of course no
that's why we need the new plan
progress and
wept would the plan look like
it would contain major changes for Rick's banks bases banks
fortresses loan repayment schedule
for ways to deal with the human tide rises in
would not really includes steps though which
reviving investment in a way that boasts
productivity in the real jobs
turning to riches that and its
servicing would invite their partners
to consider a simple logical idea
that the future skid love repayments beat by
explicitly to the growth rate over the Greek
economy send the World Bank's
yell a program
up
I'm sure E I think that
this way with his way
Europe will acquires the mistake
increased urbanization and growth
as for the minimum level so investment that
are necessary we shall propose an idea that
sensible people hoops except
as for and Russian I'll there are currently more than 10 billion euros
of European structural funds but
had been airmail air marked
for Greece for the periods
2007 to fill 2014
and to its Chris has not been able to absorb
because over there recession because of their borough kersee
and because of the failed bank's
so the question is way not Bassett on
to the European Investment Bank
and to the European Investment Funds and is tracked them
to invest directly into brick projects
on pure backing President
finally the new European plan for Greece
should begin to deal with the human crisis
in no shape this are down sharply lodges
so why not use the profits the profits of the GCB
from the European Central Bank from its failed
*** but chasing program ants
of the Greek
central banks ily program
to establish the Solidarity Fund
to provide food relief and basic energy
electricity security
this is not asking too much
chose so as I said the fest from will be in Brussels
in the burlingame in frying food
with our european partners that you have to convince them
I forum a new deal
for a new column for the crisis
for air viable overcoming the crisis
about the second from will be at home
we know we shall face the new kleptocrat not only
the Conservative Party's
of our political system new democracy and
now bus ok that became it dampens
of New Democracy my boo week that you sell
have to to two fights
with the there
with the kleptocrat ce with funded from bait will
with the click click to rate with the new kleptocrat funded from bailout funds
and based
on the relics hope the corrupt oligarchy
which has ruled race for decades
his group know this fight is coming
they have been busy portraying us as a non the European
as a party that wants to get Greece out that the euro-zone
yes that square dangers and extreme
way shots venom because is seen as a government
with in fact ends the hegemony
this group in Greece this is the true
this determination approach makes them to say
such lies about Caesar
there's an element a few days ago
the US Treasury explain to Congress
how the policies that Germany's imposing in the euro zone
and are explored in recession to the rest of Europe
and to the global economy
in the European periphery we know that this is exactly
right so that it makes me feel that
we can discuss the euro zone prizes with
LASIK them constructively
I this is larry's on YM very happy to be here today
the german Finance Ministry response to the US Treasury
give you a clue of our problem in Europe
the spokesman said the name balances in Germany that need correction
on the contrary they know they the German economy contribute significantly
to global growth through exports
and the import of components for finished products
these replies shows a lack of interest
engaging with seem logical arguments
drape is a very good thing but
unbalanced rate is not especially
in the more at in in a monetary union I'm finished
not used five min all in one minute that would
so at least this is well understood here
I hope that's when the time comes
this is a government will be ably to rely on america
to retain a clear perspective
on his mother's in United States
you ever think that's you %uh the gun Leo free markets and
we the europeans Europe
the continent of socialist and Social Democrats
and a little bit upgrades did
I think that has not been true
the true is that you in america
have your fellow this additions Social Security
medicate medicate unemployment insurance
deposit insurance that we in europe do not have
and so is a nation states in Europe grow weak
even with even the rich countries and its
their peoples are losing protections
the good a fort and once enjoy
show I hope
you would not mind me saying that
the most important relation for the United States
from the Greek crisis the
is that it is a suicidal try
to deal we've the federal debt
we've gots to social protections
basic incomes public /url provision
public education social cohesion
environmental protection these out the public goods that
if dip led its we'll you then its
undermine not only america's said stability
but also its capacity to repay its debts
it's for the southerly pragmatic reason
that we must defend their public goods both in europe
ants in america Americans do not have the luxury
of thinking this things are happening in Greece
why should we care the answer is
we must gear we face similar threats
who can learn from each other
and we are all in this together s
legal said in 1862
we cannot escape history
with some mobley saver mainly lose
the last best hope for
so I hope I have given you
a real picture of our firm intentions to
the grease out of this speech by role of disaster
and to give the Greek people
a chance to recover indignity
thank you very much
come back here good
thank you very much term Alexis I think that now we'll engage
he now some in an exercise that they would like to have
22 to be more %uh sort of conversation and longer all over
love you and the with the people of the above the public then a success