# The Euro Pact - why people will be protesting on Sunday



## Alcalaina (Aug 6, 2010)

There will be mass demonstrations organised by Democracia Real YA! all over Spain on Sunday. Here is an explanation in English. Please take the time to read it because it affects _everybody_, all of us, not just indignant unemployed Spaniards.

NO TO THE EURO PACT: We are not goods in the hands of politicians and bankers.

ONCE AGAIN, the EU leaders endorse a policy misleading the public to the benefit of large financial corporations, instead of defending the citizens.

On 27th June, all European governments, including that of Spain, will sign in Brussels a major socioeconomic daylight robbery of an international scope: the so-called Euro Pact, by which the politicians of the European Union agree to legislate the orders of the International Monetary Fund (IMF), European Central Bank (ECB) and the World Bank (WB).

Failure to comply with these orders means, the rating agencies that have led Greece, Ireland and Portugal to the ruins (Moody's, Standard & Poor's, and Fitch) will resume their attacks.

What do they sign when they ratify the Euro Pact?

- The public sector salaries should be consistent with the competitiveness of the private sector, WHICH MEANS: further cuts in the public sector as it must offer the same benefits as the private sector´s derisory wages and increasing working hours. Including a sharp cut in the numbers of public employees.

- Therefore all countries should adjust their laws to the dictates of the banks, WHICH MEANS governments are ONCE AGAIN not legislating for the protection and interests of citizens but in the favour of large banking corporations and the markets.

- The retirement age will be delayed in all the countries in accordance with life expectancy.

- Enhancing competitiveness: linking wages to productivity, just like what has already been done in Spain with the latest labour reform which calls for more flexible redundancy laws, more flexible labour agreements and more flexible contracts, thus endangering the current system of collective negotiation of labour laws.

- To foster cheap lay-offs and Temporary Employment Agencies (TEA). The banks will lower the financial strains to encourage the hiring of workers, and in doing so will demolish the Social Security system and will be introducing the figure of "the perpetual intern and the perpetual precarious worker”.

- The freezing of all pensions.

- Reduction of social benefits.

- Reduction of the social protection systems, worsening the Social Security system.

- Reduction of spending on education, resulting in poorer results, which are conditions that favour and promote its ultimate privatisation.

- Increased direct and indirect taxes for citizens, small and medium businesses and penalties for not complying with the payment of these taxes through fines, interest, fees, etc.


- Changes to our constitution and that of the signatory countries with the aim of "adjusting the economy within the parameters of the IMF, ECB and World Bank” resulting in the loss of sovereignty of the people.

ONCE AGAIN, governments do not use political power to legislate and to stop the provokers of the crisis and international banks and large hedge funds, for example, stepping in against financial corporations. Instead, with the signing of the Pact of the Euro scheduled for June 27, will strengthen the large financial corporations and adopt policies that are of interest to banks and large European companies. As if we hadn´t had enough, all governments independently of their political colour, will sign this agreement to commit to large financial corporations and thus, as ever, sacrifice the citizens ONCE AGAIN, enabling the financiers to continue defrauding the world using financial products that are as sophisticated as they are risky and fraudulent, and permitting bank usury. 

Using the deception that to deal with the debt crisis that grips Europe, increasing the competitiveness of national economies can only be achieved by reducing labour costs ... ONCE AGAIN. 

Still no mention of intervention in tax havens where the great fortunes rest or making laws against tax evasion. Still no talk of taxing financial transactions, regulating rating agencies, etc. Still no mention of measures against unemployment and in favour of social welfare.

Still there is no consideration for a public and independent audit of the public debt in order to enable citizens to know what the debt really is and what part of it actually corresponds to the banks and private equity funds which according to the data we have constitutes most of the PUBLIC DEBT.

ONCE AGAIN, we are served the impoverishment of society on a platter in benefit of expanding the great fortunes and accentuating the social divide.

In this way, the historical record of the profits of large financial corporations are ONCE AGAIN enlarged even more, the record high salaries of CEOs and executives will increase even more, and thus we reach record levels of poverty and unemployment.

The difficulty of accessing this information is due to the lack of political transparency and the fear that ALL OF EUROPE will TAKE THE STREET.


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## mrypg9 (Apr 26, 2008)

Indeed. We need a new world financial system that works for the many, not the few.
A social market, not a society which is an adjunct to the market.
Socially-responsible capitalism.
I was talking to my dil, a senior executive at RBS, last night on the way home from the airport.
She said that Osborne's proposal to separate retail from investment banking will cost customers in bank charges.
My take on this was: you don't get owt for nowt. The hidden cost of 'free' banking was your money being used for speculative transactions. Well, I'd rather pay charges as we used to do than risk losing my hard-earned investment because some young City twerp in red braces decides to increase the value of someone else's portfolio with my money.
I'm all for this protest. What worries me is that no-one has thought about the mechanics of cutting loose from the current system. That has always been a weak point of the left/centre-left: calling for change with no idea how it should be managed.
Untangling the web of global finance will not be easy. 
Deploring something is easy....overseeing change is the sticky bit.
We could be in for a rough ride in the next few years, whatever happens.
Have you read up on the Robin Hood tax? (aka the Tobin Tax?)


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## mepossem (May 28, 2011)

this happened in Warwick Business School in hmmm 1995. The lecturer (head of derivatives in Citibank in London) got his slides out, presented and talked.

Till a german raised his hand and said: there's an error on your previous slide (olus instead of minus sign). After two minutes studying it: _hmmm you' re right. Strange, 5 years I am using these slides._

We asked him whether his Board of Directors understood what he was doing: _of course not._

Says enough.


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## Pesky Wesky (May 10, 2009)

Here's another one on the pact. explained in simple (Spanish) language
https://prezi.com/secure/9184eeca59c75cdeed63604f655c228c9fe9b1ae/


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