STATEMENT BY THE
FEDERAL EXECUTIVE OF IZQUIERDA UNIDA ON THE "EU RESCUE"
The Federal Executive Committee of IU,
in its extraordinary meeting on Monday 11th June has agreed on:
1. Rejecting the Rescue Plan of the
financial system imposed by the Eurogroup and accepted by the Spanish
Government. This rescue consists of saving the speculative hole
created by the banking sector. This decision will generate public
debt which will be paid by the Spanish citizens (through the payment
of credits) and more deficits (through the payment of interest).
These measures weaken the financial position of the Spanish State and
will oblige new cuts in public expenditure, such as social services,
in order to be able to maintain its deficit goal. The Eurogroup
Statement, in front of what the Spanish Government says, incorporates
new demands as former recommendations become obligations, in order to
fulfil the deficit commitment. It also establishes close surveillance
of the Spanish economy. Currently, we are already intervened and
supervised in our economic and fiscal decisions. We are submitted to
rigorous control.
2. Considering that the explanations
given so far by the Government (both by the Economy Minister De
Guindos and by President Mariano Rajoy) are false, pathetic and
contradictory. These kinds of explanations disrespect the Spanish
people, the political and social forces and trade unions. Far away
from solving the current problems, they weaken the international
position and prestige of Spain. Germany has imposed its conditions.
The Spanish Government does not defend national sovereignty;
therefore we call for a popular referendum on this issue.
3. The critical situation we are facing
is a consequence of the Popular Party (PP) and Socialist Party (PSOE)
policies, which fostered speculation in the building sector. Once the
crisis started, both Governments of SP and PP dedicated lots of
economic resources to help the bankers, always with the same excuse
of creating credit and jobs. Those who managed the financial entities
are also responsible, especially those of savings banks. It is
absolutely necessary to create a COMMITTEE OF INQUIRY; this will be
demanded by our parliamentary group in the Spanish Congress next 12th
of June, in order to ensure the accountability of those responsible.
This Committee of Inquiry must be accompanied by a real social demand
to know the full truth on the financial crisis.
4. It is unacceptable that in order to
solve the problems of the bankers public debt increases 10 points of
GDP, while expenditure in education and health system have been
reduced, civil servant salaries have been cut and the autonomous
communities and municipalities are being asphyxiated.
5. Izquierda Unida demands the public
appearance in the Parliament of the President of the Spanish
Government to explain in detail the rescue plan and its conditions,
in particular the amounts, the interest rates, the payment deadlines
and financial and any other conditions. It is essential that the
recapitalisation processes are made under the approval and control of
the Parliament, which will have to decide which institution can
receive these loans after an analysis of their situation, conditions,
modalities, etc.
6. We have serious doubts that this
Rescue Plan will allow credit recovery, because so far the banks have
found more profitable ways for financing: public debt with high
profitability and access to low rate liquidity. In reality, the
obligations imposed by the rescue plan are stricter, well
under the
formula of
supplies, either
through higher
interest
capitalization
and
therefore
the argument that
will facilitate
credit is
difficult to sustain
if there is no
political imposition
and a change in
management. Besides the Rescue Plan that we already consider of
dubious effectiveness against toxic assets does not seem to have a
great influence in the huge amount of external debt of the Spanish
financial system. Therefore we need more explanations by the
Government of the Popular Party.
7. Izquierda Unida
underlines that we have a real alternative to the financial system
crisis: the creation of public bank, starting with the
nationalization of the rescued entities, in order to ensure credit to
the families and small-medium enterprises. At the European level, the
European Central Bank must be democratized and transformed into a
bank with the capacity to issue public bonds and the creation of a
European Public Treasury. Izquierda Unida considers that part of the
Spanish public debt is illegitimate.
8. Izquierda Unida
calls on citizens to take part in the mobilizations that are being
organized in order to give a popular answer to the imposed financial
rescue and to propose a democratic and progressive alternative. We
will participate in these mobilizations together with the indignados
movement, the trade unions and social organizations. Izquierda Unida
will also promote other mobilizations in the following weeks.
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