Monday, November 22, 2010

Irish Sovereignty is Pawned to Bail Out Bondholders

Irish Sovereignty is Pawned to Bail out Bondholders

In a joint statement, Sinn Féin’s five members of Cork City Council, Cllr Jonathan O’Brien, Cllr Chris O’Leary, Cllr Fiona Kerins, Cllr Henry Cremin and Cllr Thomas Gould, have slammed yesterday’s acceptance of an IMF/EU bailout as placing Irish sovereignty in pawn to rescue the banks and international bondholders.

They said:

“This is not a bailout for the Irish people or the Irish state. It is a rescue package for the banks and the international bondholders who lent to them, with the Irish taxpayer footing the bill.”

“The Fianna Fail/Green Government has no political authority and no democratic mandate to agree this deal in the name of the Irish people and to impose further massive debt on this and future generations.”

“The cost of this so-called “bailout” will be savage cutbacks that will plunge large sections of the Irish people into poverty. Already there are suggestions the minimum wage will be cut by 13%, social welfare payments will be slashed further, low-paid workers will be drawn into the tax net, and health and education spending will be cut to the bone.”

“Even these proposed cutbacks may not be savage enough for the IMF and the EU and if so, they will be deepened further.”

“Irish sovereignty, which was purchased with generations of sacrifice and by the lives of our patriot men and women, has now been put into pawn to bail out bankers and international bondholders.”

“Even at this late stage, there is an alternative. The Cabinet should resign and there should be a general election. A new government could burn the bondholders and introduce a budget that would stimulate the economy and focus on job creation and growth."

For further information or comment contact Cllr Chris O’Leary @ 087-2794307 or Cllr Jonathan O'Brien @ 085-2133907.

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