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Address by H.E. Mr. Martin Schulz, President of the European Parliament

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Address by H.E. Mr. Martin Schulz, President of the European Parliament

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Address by H.E. Mr. Martin Schulz, President of the European Parliament

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Snippet Contents:

Irish taxpayers are now paying the bankers' bills to stop a domino effect that could have dragged the whole European banking system down. Therefore, solidarity with Ireland is to give something back. You took the burden on your shoulders to avoid the crash of the systems of other countries, including my country. Therefore, I find the 27% German participation in the package for Ireland is to give solidarity back to the country that showed solidarity with us.
The economic crisis has come at a tremendous human cost. Hundreds of thousands have become unemployed, poverty is growing, many families had to leave their homes because they could no longer pay their mortgages and emigration numbers are on the rise again. When young people leave, it is a loss for both family and country. Still, despite all the hard work, despite the over-accomplishing of set targets, despite the huge sacrifices made by the people, Ireland has still to get back on its feet completely. To me, this shows that the recipe is not fully working. Yes, sustainable budgets are important, but with cuts alone no economy can recover.