MEP Miguel Portas reported in the European Parliament that the question of the eurobonds (euro-obligations) is being assumed by the European governments “at snail pace”, in a “forest of ambiguities”, through “nonsense” concepts and that if they are seen as a contribution to renegotiate the debts of countries in trouble “then, the history for the next years will continue to be written in Greek, based on massive doses of austerity, humiliation and despair”.

“The governments are capable of quickly approve a treaty, but in contrast, a debate as this one about the eurobonds is done at snail pace, and in a forest of ambiguities”, said the MEP from Unitarian Left (GUE/NGL) elected by the Left Bloc.

On one hand, he added, it is said that an European bond market is needed because there is no good coin without an European budget worth of the name, there is no good coin without the capacity of issue debt at that scale.

On the other hand, continued, it is said that each State budget stability is a pre-condition for the eurobonds.

This is “nonsense”, said. “It is the same as saying to a patient that he will only be entitled to the medicine if in the meantime he has, miraculously, been cured”.

The MEP argued that “the European obligations must be seen in a long term as a public instrument for financing the economies and not as a premium offered to the governments of having accomplished the most stupid of the agreements invented so far, the treaty that reinforces the Stability and Growth Pact”.

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