Greens want creditors to contribute to EU stability package

Green parliamentary whip Werner Kogler called today (Weds) for creditors to make a contribution to the financing of the EU stability package for Euro-zone countries.He said they needed to do that before they dumped bonds issued by countries high in debt on the European Central Bank (ECB), thereby transferring their financial risk to EU tax-payers.Banks and funds had made a lot of money from the bonds’ high interest rates and needed in turn to contribute to a solution of the problem of Euro-zone countries with excessive debt. Such a contribution was essential to preservation of social peace, he claimed.Kogler said he doubted Greece would be able to repay the credits from the ECB and other EU member states that it had and would receive.He demanded a strong commitment from the federal government in support of a tax on financial transactions, of creation of a European rating agency and of stronger regulation of financial markets.If the federal government did not do enough in support of those things, his party would refuse to vote for amendment of certain laws to enable Austria to participate in implementation of the EU stability package, he threatened.It was time for action, not just words, by government officials, he said.