FPÖ: „Europe Has a Banking Problem“

FPÖ´s chairman Heinz-Christian Strache thinks that Europe has no economic problem, but a problem with ist financial sector. After the bail-out of Spanish banks, which had a size of € 100bn, there is reason to fear further bail-outs, Strache says.

In the 1990s, politicians promised that the euro will be as stable as the Austrian shilling or the German mark, Strache argued. „Where is the stability oft he euro? In the last year alone, the euro had to be rescued fourteen times.“

The Eurozone suffers from structural difficulties and is overdimensioned, the politician states. The quantitative easing program will not change this circumstance, Strache says.

„Solidarity does not mean that sovereign states assume debts of other sovereign states because of their mistakes.“ A transfer union would damage Austria´s finance massively, Strache warns. In the end, all member states would lose their prosperity. „If a country cannot or does not want to live with a common currency, it is free to return to its national currency.“

In the Eurozone, countries like Spain and Italy would not be able to survive. The interest rate on their sovereign bonds would be too high. Moreover, the upward trend is unbroken, Strache argues. The only solution would be to split the Eurozone into two different parts or to let the Southern Eurozone members leave, Strache concluded.