Labour Senator Jimmy Harte says Sinn Fein are so confused when it comes to economics, they maybe should change their advisors as they cannot decide what 0.1 % of GDP is.
He said the party’s recently published guide to the Treaty/referendum once again proves the incompetency of Sinn Fein’s economic arguments.
“As with most of their arguments in the debate so far, they have made simple schoolboy errors.
“On page 11 under the heading “Article 8” it states: ‘Failure to comply brings a penalty payment of up to 0.1% of Member States GDP. (This would equate to €500m on the basis of current Irish GDP)’.
“However, on Page 13 regarding Article 8 it states: ‘Significantly the Court could impose fines of up to 0.1% of GDP which at 2011 GDP levels in Ireland would mean approximately €160m’.
THe Letterkenny Senator said perhaps Pearse Doherty and Padraig MacLochlainn should get their calculators out and do the maths again, “can do better” would be their school report.
“Their inability to analyse the issues and the figures shows that their sums do not add up again.So which is it – €500m or €160m? Where has the €340m gone.
“As well as being anti Europe, they are now telling the faming community, the business community and the employers groups that they should vote No but these organisations are advocating a Yes vote as they see the folly of Sinn Fein’s arguments
“This once again highlights how Sinn Fein’s arguments against the Stability Treaty are not based on sound economics and how they are cynically and deliberately confusing the issue. Sinn Fein is being selective and hypocritical in its arguments and the Irish people deserve more transparency and honesty in the Treaty debate.
“A vital point Sinn Fein is missing in the debate is that the euro is our currency and this Treaty is in our interests. Their interpretation of the figures defies logic and this is yet another attempt by Sinn Fein to hoodwink the electorate not long after they failed to adequately quote economists on another leaflet just to justify their misleading stance,”.
He added he was urging people to vote Yes because the Stability Treaty is an important part of Ireland’s response to the crisis in the euro. We cannot have stability and growth in Ireland without stability and growth in Europe. The treaty is not the solution to all our problems but it is an important part of the solution.
