Do Spain and Portugal need to be bailed out? What happens to the Germany economy if Greece defaults on its loans? Is the euro worth saving and why?

Q&A: Is the euro finished?

https://api.multimedia.europarl.europa.eu/documents/20125/13721518/i001-0015-en.srt

Hello I’m French.   I’m on a visit to the EP.

Is Europe thinking of bailing   out other countries

like Portugal and Spain,   after helping Greece?

Spain doesn't need it   and neither does Portugal.

Spain’s debt is 20% lower than   that of Germany and France.

As for public deficit,   Germany, France and the UK

have similar public deficit   levels to Spain.

So there’s no need, but if other   countries do ask for the EU's help

I’m sure that a solidarity plan   has already been drawn up.

One lesson to be learned   from this crisis,

is that we can't have the euro   without common economic governance.

Clearly Member States' budget   and tax policies must be consistent.

Hello, I’m Mrs Painte. I live in the   province of Namur in Belgium.

What will the consequences be   for Europe in the near future?

It will have an awful lot of consequences   particularly if it doesn’t improve.

particularly in terms of   regulations and supervision.

The idea that individual banks   or corporations

can regulate themselves   or be pals with the regulators is over.

We need a system where there is   European supervision.

I understand tax payers' concerns   who don't understand,

or who are unhappy about paying   for the expenses incurred,

for the debt that has been incurred by   the governments of other countries.

But I think people should realise   that these are special circumstances

and it should also been a warning to   all their governments and Member States

that they have to stick to the rules,   and keep their debt under control.

I have a question we have many   debts in Germany

and we have to pay for   the Greek debt,

what happens if we can   no longer pay our own debts?

so it wouldn’t be very good for Germany’s   banks if Greece went into melt down.

So German state aid to Greece   also means indirect aid

to the German banks   that bought this debt.

I'm Maurice.   I live in Hasselt in Belgium.

Will there be problems   or is the euro finished?

I don't thinks so, hopefully not.   The euro has served us well.

I know that if we in Ireland   were not in the euro

our position would be worse   than it is now.

It s a fantastic system,   even from the point of view of travel,

being able to have the same currency   right across the countries that you visit,

We should hold on to it   and hopefully it will survive.