- uploaded: Jun 24, 2012
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'Citizen forums call for public audit of European debt'
More and more citizens across France and Europe are asking: should they pay for the economic headaches? At this International Conference on Public Audit for European Debt, the answer is "no". According to the European Commission, one in four in the EU is facing poverty and social deprivation. Banks are failing stress tests and mass demonstrations have hit southern Europe for over a year. A rising number of voices are questioning the debt problems in Greece, Spain and Portugal. These countries had faced dictatorships in the sixties and seventies and it was European Union which gave all the money to finance their economies. Citizen forums are now investigating to find out the details of the loans.
The banking sector says, the loans were not toxic and if they are not saved, billions of euros could be lost. But such explanation is no consolation for these demonstrators in Spain, Greece and France. France's national debt stands at 59 billion euros, that is 30,000 euros per person. Citizens forums say they doubt if every French citizen personally applied for such big loans and will publish their finding in a year's time.