EU leader Jean-Claude Juncker attacks some EU member states
for failing to introduce laws that will govern mortgage in line with EU
policies. The countries affected are Spain, Croatia, Cyprus and Portugal.
As a result of their reluctance to put the legislation in
place, as demanded by the EU, the bloc is considering taking the affected
nations to the Court of Justice of the European Union (CJEU).
Even when they were given up till March 21 2016 to put in
motion the legislation on credit, they still failed to meet up the targeted
date, as a result, igniting wrath from Juncker even as some member states are
calling for his resignation.
The essence of EU leaders making serious moves to take control
of mortgage is to make countries like Germany provide debt facilities. This is
due to the EU’s resolve to offer "potentially more advantageous credit
offers of lenders from other Member States".
Nevertheless, such a move may not gain any ground in Spain,
as several thousands of in the country have been leading street campaigns
because of the huge public debt the government is involved in. accordingly, the
Spanish government has expressed their defiance to the compulsory law of the EU
saying Spain does not have any graving for such a law.
A spokesman for the Spanish Ministry for the Economy said:
"It is preparing a normative text that it hopes to approve before a
possible sentence occurs.
"With this objective we are working to reach the
necessary consensus that will allow us to overcome the parliamentary process,
an issue that is not only up to the Government.
"Throughout 2016, no progress could be made in
transposing European legislation when the Government was in office.”
So far the EU leaders have been accused by the Spanish
people for forcing them to pay for a "scandalous manipulation" of the
economic data that has the potential to lead to the destruction of the
Eurozone.
It was reported that the said document was signed by
economists Juan Laborda, Juan Carlos Barba, Juan Carlos Bermejo, and Roberto
Centeno, Professor Emeritus of Economy at the Technical University of Madrid,
compares the country's misfortune to Greece.
It says they felt compelled to flag the false figures
because the entire system is flawed.
The letter states: "Mr President, you assert that
Eurostat checks Spain’s economic figures on the basis of ‘appropriate quality
measures’.
"However, until now Eurostat has taken for good the most
false and incongruent public accounts of the Eurozone.
"In addition the European Commission has looked
elsewhere to the repeated non-compliance with the macroeconomic objectives,
ignoring Spain’s obligation to comply with the Stability and Growth Pact, which
makes them necessary accomplices in the generation of a gigantic bubble of debt
already impossible to pay back, and that will ruin the next generations of
Spaniards for not less than 50 years."
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