Government TDs Have a Last Chance to Redeem Themselves

Government TDs Have a Last Chance to Redeem Themselves


Sinn Féin councillor Jonathan O’Brien has said it is imperative that the EU/IMF bailout package is rejected in today’s vote, and said government backbenchers have a last chance to redeem themselves before an election by voting against taking on additional €85 billion in debt to bail out the banks.

He was speaking after it was revealed that the EU will be charging Ireland a premium of 3% on its portion of the bailout over what it will cost to borrow the money on the international markets.


Cllr O’Brien said:

“Due to the threat of legal action from Sinn Féin, the government has reluctantly been forced to bring this agreement to a vote in the Dáil.”

“It is now imperative it is defeated. If the bailout package is implemented, it will saddle every man, woman and child in this state with an unpayable debt which will further depress economic growth – all to provide another bailout to the banks.”

“Last night it was revealed the European Financial Stability Mechanism is charging a premium of 3% on its part of the bailout package. In other words, the EU will be charging Ireland 3% more in interest than it will be itself charged by the international market. The cost of this to Ireland will be €5 billion over the full period of the deal.”

“This just serves to underline what an appalling deal the government has brought home. Indeed, the same facility has previously leant money to Latvia, Hungary and Romania – none of whom are in the Euro zone – without charging a premium.”

“Certain backbenchers in Fianna Fáil have in the past been vocal in their criticism of government policies, but continued to support them in the Dáil. Now is their last chance to make a stand and do some service to the country by voting down this deal. If they do not, people will be forced to assume that their criticisms were cynical posturing designed to deflect public anger at the government’s policies from themselves.”

For further information or comment contact Cllr Jonathan O’Brien @