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Rutte denies u-turn on bailing out eurozone banks at Brussels summitFriday 29 June 2012 Prime minister Mark Rutte denied claims by opposition parties on Friday that he had gone further than planned in agreeing that bail-out funds can be used directly to help Spanish banks. Eurozone leaders on Friday agreed to take emergency action to bring down Italy and and Spain's borrowing costs and to create a supervisory body for eurozone banks, seen by many as a first step towards European banking union. The leaders also agreed to use the bail-out fund to support struggling banks directly, so avoiding adding to countries' debt. Rutte told a news conference on Friday 'the problems facing Spanish banks threaten to become so large that there is a risk to the entire Spanish economy.' The prime minister denied he had changed his position on direct support for banks, pointing out that agreements have now been reached on the supervisory structure. Criticism from MPs, he said, is due to the approaching general election. The bank bail-out scheme did not mean banks would be recapitalised 'just like that', the prime minister said. 'If there is European supervision, then you can imagine supporting banks using the ESM emergency fund. But support has to be unanimous,' Rutte said. He described the decision to set up a European banking supervisor as 'a logical step'. Rutte, said by news agency ANP to be one of the few EU leaders to give a press conference, has been under fire at home for sending out a mixed message on Europe and not being clear enough about the Dutch position. The Financieele Dagblad says the agreement means Rutte and German chancellor Angela Merkel have made concessions to Italy and Spain, who had piled on the pressure for a solution to their banking problems. Opposition Opposition MPs were quick to use the microblogging service Twitter to comment. ‘The prime minister is also very flexible under pressure,’ said Arie Slob, leader of the ChristenUnie. Geert Wilders, who has vowed to make Europe the main election issue, said Rutte is ‘slavishly on his knees in front of the Italian and Spanish mafia.’ However, D66 leader Alexander Pechtold was positive about the agreement, saying it represented important steps toward furthering a unified banking system and increased democracy. And Labour leader Diederick Samsom said the agreement marked a ‘greater than expected’ shift towards banking union, which, he said, is good for EU stability. Is this the right way forward for the eurozone? Have your say using the comment box below © DutchNews.nl
Hi, By Terence Hale | June 30, 2012 3:38 AM As with the introduction of the Euro, we can count on being denied any important referendum, that is the true reflection of a democratic country that boasts democracy, but shows little or none. Pray tell the difference between trading marbles at primary school, and zillions gathered in tax for the EU elite, one and the same? No, the marble deals were a lot more honest: the following week, we still had marbles to trade with! By The visitor | June 30, 2012 7:33 PM Isn't the Dutch cabinet demissionary ? Until the Dutch elections the EU cannot take any 'logical step'. By Robert | June 30, 2012 10:58 PM He's done more U-turns than a dodgy plumber! By Highlander | July 1, 2012 12:45 PM As elections are coming your politicians of all parties should do something to change an everyday thing that affects every person living in Holland, namely the shocking bank culture in Holland. Today is the first of July my money is not on my bank account as the first is not a Woking day. Although money transfer is computerised and automatic it is held up by the banks to make money on delayed capital transfer. I take not money from Dutch sources but I have noticed how many people have with disappointment walk away from the ATM’s especially elderly citizens. From experience my money transfer from my saving account to my budget account will be there, may be, late tomorrow (2-July) afternoon. I have calculated have much the banks earn in interest in such delayed money transfer for the whole of Holland it’s significant. By Terence Hale | July 1, 2012 2:07 PM @Terence Hale: yes, but a shame that the majority of the people are too busy playing with their cellphones to notice issues like this. Countries, their peoples & culture are uniquely different & contribute to diversity, banks are all the same, no morals nor conscience. By The visitor | July 2, 2012 5:42 AM
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Rutter represents his personal view, and that of the corporate & banks, not that of the people of Europe. This is the big issue, whether or not to continue helping the elite achieve their goals for more power & wealth.
On the one hand it would be cowardly to give up now because off economic problems, but at the same time foolish to realize that we would all be better off: considering us losing our unique identities as separate nation states. the only fair way would be a referendum for all.
By The visitor | June 29, 2012 4:06 PM