Ireland Cannot Afford Bank Bailout- O'Brien

Ireland Cannot Afford Bank Bailout - O'Brien

Jonathan O' Brien TD has said the country cannot afford the latest bank bailout and has accused the government of sacrificing the interests of Irish citizens to those of the European financial system.

Deputy O'Brien said:

"Only weeks after being elected on the promise of change, the government has announced it is committing further billions to our zombie banks. The interests of Irish citizens are being sacrificed to those of foreign bondholders and the European financial system."

"This bailout is unsustainable. The country cannot afford it. At 5.8% the annual interest on just the €24 billion announced today will be €1.392 billion. The total commitment to the banks - €70 billion in bailout monies and €40 billion for NAMA – now amounts to 90% of the value of all the goods and services that will be produced by the Irish people this year, as measured by GNP."

"Our economy cannot bear these stratospheric costs. It is a recipe for economic stagnation, unemployment and emigration."

"Not a cent more should have been committed to the banks without senior bondholders taking a haircut. This was the position of the government parties during the election, but like many of their other promises, it has been quickly abandoned."

"Fine Gael and Labour are following the failed policies of Fianna Fail. This is the road to economic ruin. The money committed to the banks could have been used to stimulate the economy, building schools and hospitals, helping small businesses and creating jobs. Instead it will flow out of the country and into the pockets of international bondholders. The government must turn back from this disastrous course before it is too late."

For further information or comment contact Deputy Jonathan O'Brien 085-2133907