Creditors' conference in the EU

21.1.2015

Question for written answer E-000764-15
to the Council
Rule 130
Miguel Viegas (GUE/NGL)

Voices have been raised within the European Union in support of a European conference on public debt to be held after the Greek elections scheduled for the end of this month. News published in the ‘Irish Times’ confirms that the Dublin Government, in the person of Minister Noonan, has spoken in favour of this.

The call for the creation of a specific forum to deal with the issue of public indebtedness in the Eurozone has come above all from opposition parties in various countries, namely Portugal, Greece and Spain. Some experts, such as the German Hans-Werner Sinn, have already put forward the idea of a conference of creditors and debtors, considering that some countries are unlikely to be able to cope with the burden of debt.

Greek debt may reach 170% of GDP by the end of this year. The cases of Ireland (109% of GDP predicted for 2015), Spain (101%) and Portugal (125%) also represent a serious problem that demands an integrated solution.

In view of this, is the Council considering the possibility of holding a conference on debt, aimed at an overall, lasting solution that could provide relief to over-indebted countries?