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G20 Summit: GUE/NGL calls for a root and branch overhaul of global financing

Date

21 Sep 2009

Sections

EU Priorities 2020

At the debate on the G20 Summit in Pittsburgh, GUE/NGL Portuguese MEP Miguel Portas criticised in plenary this morning in the European Parliament, the huge social gap that got deeper with the financial crisis: "In the last year the profits of the banks in Portugal have risen by 18%, the only thing that has exceeded this rise has been the percentage of those unemployed". He asked to "avoid empty promises and to work out measures that will see an end to bonuses, to obscure financial transactions, and to bank secrecy so that there is real transparency and people will regain trust again".

GUE/NGL Dutch MEP Dennis De Jong added: "We have heard a great deal about the financial measures that will be implemented at the G20 to help the financial markets. We have heard very little that will help the real economy, real people that have been made unemployed, are unable to access credit and are loosing their livelihood and businesses. I have no respect at all for big companies where the management is entirely out of touch with both the workers and the products that they are producing, companies that are built on speculation and exploitation."

Also speaking in the debate, GUE/NGL Cypriot MEP Kyriacos Triantaphyllides urged for change: "The people in Europe want fundamental structural changes - the goals of the G20 should be based on a strong common will for change, a stronger control of financial markets and the fight against unemployment. We need a change in our economic and democratic system that hands the power over to the people, where they can see what is happening, as after all it is their jobs and their lives that are being affected", concluded the Cypriot MEP.

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