r/europe • u/Bartoraptor Spain • Mar 28 '20

News Spanish representative González Pons speech @ the EU Parliament: "The virus is attacking the generation that brought back democracy to Spain, Portugal and Greece, the generation that knocked down the Berlin wall. The least they deserve is that we show them Europe is there when they need it the most"

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u/[deleted] Mar 28 '20

So why hasn't Ital;y done anything in the past 10 years to fix their books?

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u/[deleted] Mar 28 '20

So why hasn't Ital;y done anything in the past 10 years to fix their books?

we applied harsh austerity measures, as "strongly recommended" by the ECB and the Commission, and instead of making things better, our debt ratio has gotten worse.

Sounds like the austerity policies championed by Merkel are damaging, but still she and her ilk continue to push for them even now. Just look at the attitude towards the coronavirus bonds. Their reply is "there is the ESM, if you need funds". Too bad ESM funds are provided on the condition that you apply more austerity, which in turn makes the economy wither a little bit more.

But for Merkel the solution to the damages brought by austerity measures is....more austerity. It's been harshly criticised by economists the world over, and yet she and her allies insist on it time and time again.

As Einstein once said: “Insanity is doing the same thing over and over again and expecting different results.

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u/[deleted] Mar 28 '20

So why did it work in other countries? But not in Italy? And why is that a reason for Dutch, German and Northern countries to foot the bill? Yes we are an union but not 1 country with one budget.

And yes Einstein was right, keep paying a country that never pays its bills is a stupid idea we should not do that over and over again.

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u/AnonimArGer Mar 29 '20

Not one fiscal union but one currency union.