SINN FEIN’S new Trade spokesman Padraig MacLochlainn wasted no time in challenging the Government over its negotiations on Ireland’s bail-out – telling the Taoiseach Enda Kenny to ‘stop the betrayal’ of the Irish people.
Speaking in the Dáil on Statements on the EU Council meeting Deputy MacLochlainn said the EU’s insistence and the acceptance of the Irish Government that burden sharing will not take place until at least 2013 is rubbing salt into the wounds of the Irish people.
Deputy MacLochlainn said: “One of the outcomes of the meeting of euro-leaders last week was that Greece gets a lower interest on its borrowings. The cost? It had to agree to sell €50 billion of state assets.
“When the Greek economy is gutted completely, when all vehicles of growth have been auctioned off, when there is no mechanism to begin paying back these extortionate loans, what will a difference of 100 basis points really be?
“When Ireland went cap in hand to get a reduction, we were told no. Angela Merkel said “It is simply fair to say we can only give our commitment when we get something in return.”
“But Germany and France got the something and continue to get the something every time we put another billion of taxpayers’ money into our banks so German and French banks don’t take a hit.
“They get something each Budget when billions of euro is taken out of
ordinary people’s pockets so that the Government are adhering to the strict
terms and conditions imposed by the EU.
“They get it each time the prospect of burden-sharing is taken off the
“The European Commission and French-German governments’ hard-line position on private debt restructuring in the future – whether in the form of
‘haircuts’ for bondholders or debt-for-bank-equity swaps just rubs salt
into the wounds of the Irish people.
“Taoiseach the choice is clear, do you stand up for Ireland and challenge
head on the blatant injustice of the EU/IMF package or do you repeat the
disastrous policies of the last Government which amount to a betrayal of
the Irish people.
“I hope for all of our sakes you make the right decision.”
DEPUTY MACLOCHLAINN’S SPEECH IN FULL IS ON A SEPARATE POST TODAY