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Summit sticking plaster on a gaping wound

Wednesday, 26th October 2011

The EU's "Save the Euro" Summit in Brussels is in danger of putting a sticking plaster over a gaping wound, a local MEP has warned.

Roger Helmer MEP, Conservative MEP for the East Midlands, said no summit solution would work that did not address the fundamental problems at the heart of the eurozone crisis.

"Once again we are being told this is the make or break summit," he said.

"We were told same on Sunday and the same before the summit before that. I believe there have been 14 such summits in a little over 18 months, but the problem they meet to address just becomes deeper. They march us to the top of the hill and march us down again.

"None of them has worked because none has addressed the fundamental problem at the heart of the Euro project:that is the yawning gap between the economic viability of Greece and Germany. It cannot be mended without formal and legal machinery for one to subsidise the other, and that does not currently exist. The other alternative is for Greece to leave the Eurozone.

"They may come up with another short-term fix, but it will all be based on borrowed money and shuffling of debt. Without addressing the fundamentals, it remains a sticking plaster on a gaping wound."