> Home > Articles > Videos > 'Call it the Debt Union' - Nigel Farage
'Call it the Debt Union' - Nigel Farage
Date 19/01/2011 11:09  Author webmaster  Hits 1664  Language Global


Thank you.

What is the most commonly used word in association with the euro? No, it's not 'failure', though it could be. It's 'stability' isn't it?

A decade ago everybody said, 'once we've got the euro currency it will bring us stability. Well I would suggest, a decade on, that what it has brought is chaos, discord and misery for millions.

And yet the word 'stability'! Still being used - this morning Mr Barroso used it, Mr van Rompuy used it - 'stability' - in fact we're patting ourselves on the back that the bond auctions in Portugal went well last week.

Well the reality is, it was the European Central Bank actually using European taxpayers' money to buy their own debt.

Your reassurances that all is well don't work. Who do you think you're kidding Mr van Rompuy? Bond yields in Portugal rose to nearly 7 % yesterday. The public, right across the Union, no longer support the currency; and the battle for Spain hasn't even begun.
The model itself is failing and yet what you want is to double the size of the bailout fund. You even want to increase the scope of the bailout fund so that along with the ECB you too can go on buying yet more of your own debt.

You're using the crisis as a massive power grab to take us towards fiscal union. If you succeed, then you should change the name. Get rid of 'European Union', call it the 'Debt Union'. And if you do succeed you will trap those southern countries inside an economic prison for which the suffering of people will be untold, and the North will find itself paying for ever a massive bill and interest rates that are far too high for their own economies.

We've reached a point with this where actually it doesn't matter what any of you say. Nobody believes you. The public don't support you. I hope and pray the markets break you.

[In a 'blue card' intervention Liberal MEP Olie Schmidt charged Mr Farage that he is not giving any solutions to the crisis. Mr Farage replied that:]

"It is absolutely as plain as a pike staff that Greece, Portugal and Ireland do not fit inside the euro and what we should be doing - what Mr van Rompuy should be doing to give real leadership is to be introducing a Plan B and to allow these countries to go back to their own currency to have competitive devaluations and to have a chance, because what we're doing with this policy is killing them off."

Tags farage