Friday, March 23, 2012

“Stop the Handover” Protest Tomorrow

“Stop the Handover” Protest Tomorrow

Cork Sinn Féin will hold a protest in Daunt Square from 1pm tomorrow as part of its ongoing “Stop the Handover” campaign.

Speaking today, Cllr O’Leary said:

“In recent days there have been suggestions that a deal is about to be reached with the ECB to restructure the payment of the Anglo promissory note.”

“However no amount of spin on the part of Minister Noonan can alter the fact that this government and the ECB intend to make the Irish taxpayer cover the entire €31 billion cost of bailing out Anglo Irish Bank, together with billions of euro more in interest payments.”

“Neither has the government reversed its intention to pay out a further €1 billion to unguaranteed, unsecured bondholders in Irish banks by the end of this year.”

“Will the deal announced by the Finance Minister on Tuesday night have any impact on the state’s debt-to-GDP ratio, and on our ability to return to the bond markets next year?”

“Will the deal have any impact on this year’s deficit, or the government’s plans to suck €3.8 billion from the economy in 2012 and a further €2.25 billion from the economy in 2013 in spending cuts and tax hikes?

“These questions have not been answered by the government.”

“At the moment, it appears that what they have chiefly succeeded in doing is turning the promissory note issued to Anglo into fully fledged sovereign debt – with all of the consequences that brings.”

“The Irish people should not have to pay, with tax rises and spending cuts, for the reckless actions of private bankers. No payments should be made in respect of the promissory note or to unsecured bondholders. This remains Sinn Féin’s position.”

For further information or comment contact Cllr Chris O’Leary @ 087-2794307

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