October 10, 2012

European parliamentarians, why do you allow the eurosceptics to give only their side of the story?

Sir, Guy Verhofstadt and Daniel Cohn-Bendit write that “Eurosceptics are shamelessly exploiting the economic crisis to misrepresent and undermine the EU”, “Europe needs to renew its vows for federal union” October 10. 

But, gentlemen, European parliamentarians, why do you allow them to do so? It was primarily crazy bank regulations which allowed the banks to give credit to “the infallibles” with zero or very little capital, which created the monstrous debts and bank exposures that have caused this crisis. 

Had the banks needed to have as much capital when lending to someone AAA-rated, a European sovereigns, or Spanish real estate sector, as what they were required to have when lending to a small European businesses and entrepreneurs, this crisis that now threatens Europe, would not have happened. It is as easy as that! And your silence on that is deafening.