AKEL ON THE EUROPEAN UNION SUMMIT
The Summit of the European Union is taking place in Brussels. AKEL considers that the issue of the Banking Union is extremely important.
The discussion regarding the Banking Union on an EU level has as its main characteristic the competitions between the powerful states in order to serve their financial monopolies; a discussion about how they will benefit in a better and bigger way from the reallocations, mergers, acquisitions and bankruptcies of institutions taking place in all the states, especially in the economically weaker states. The credit crunch and economic suffocation they are imposing and the central control through the sustainability criteria set out by the European Central Bank will be followed by aggressive policies from the multinational monopolies in order to control these markets and increase their profitability. The permanent imposition on the peoples of burdening them with the cost of bailing out the banks and the institutionalisation of the haircut on deposits is at the heart of the discussions underway. Cyprus does not remain unaffected by such developments.
AKEL urges the government to stop glorifying the policies being implemented in the European Union. The Banking Union will neither now, nor in the future press for the direct recapitalization of the bail out cost of the banks. The government must realise that the people of Cyprus are paying a very heavy price for the solidarity of its so-called friends. It should not consent to yet another crime against the people. The policies of the single economic governance on an EU level are destroying the popular strata and subordinating the sovereignty of the peoples and states for the sake of the interests of big capital. The same is being done through the Banking Union and the completion of the single internal market, as Mr. Barroso had proclaimed it during the plenary session of European Parliament yesterday. The new stress tests which the Banks will be submitted to aim precisely at promoting the further restructuring and control of the credit institutions by the big multinational capital.
At the same time, not only are the causes of the crisis and the role of banking capital not being addressed, but the liberalization of the market forces is being promoted further. The Cypriot people and workers in particular, will have no interests to gain whatsoever from the developments as they are unfolding. The government in increasing its current policy will be an accomplice with those who are imposing these strategies.
AKEL considers that the so-called “Youth Guarantee” programme of the EU not only does not guarantee work, but on the contrary perpetuates the policies of unemployment and promotes instead of work, vocational training of young people and indeed with very low pay and without any rights. This policy aims to completely replace regulated terms of employment and jobs with a new labour law that effectively destroys young people’s dreams, especially scientists.
