No more free lunches for the bankers
The European Council is meeting on 17th of September to prepare the G 20 Pittsburgh Summit which takes place next week. The European Trade Union Confederation (ETUC) urges the European Council to draw up a balance of the enormous support which has been given over the past year to save the banking system.
Despite the massive support of governments to the banks, (three trillions of euros in capital and bank guarantees, massive liquidity at almost zero interest rate), credit for productive investment remains squeezed whereas, at the same time, speculative behaviour are reappearing again together with overblown bank profits and bonuses for the bankers and their traders.
Says John Monks, ETUC General Secretary: “The scandal of bank bonuses is only the tip of the iceberg. What is also urgent now is for governments and central banks to make sure banks use the support they have been given to support jobs and investment”.
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