Friday, 8 February 2013

Despite the spin the Anglo Irish Promissory deal is a bad one thats clearly Frankfurts way

Wicklow Sinn Féin County Councillor John Brady, has said that the
government’s “much-hyped deal on the Anglo Irish promissory note
doubles the cost to the taxpayer of bailing out Anglo Irish Bank and
straddles our children with a massive debit. Despite the spin the
Irish Government without even asking for a write-down has given into
Frankfurts way.”

Cllr Brady said “When you cut through all the spin and hype of the so
called deal on the Anglo Irish promissory note is bad for the
taxpayer. The Government have traded the €28bn promissory note debt
for a sovereign liability to the state of up to €60bn. Rather than
seek a write down in the debt the government has kicked the debt can
further down the road. In doing so, it has cranked up the long-term
costs to the state. This debt will now not only be paid by this
generation of citizens but by our children and our children’s
children, for the next 40 years."

Cllr Brady continued “While it may provide the state with some short
term deficit relief it significantly increases the cost of bailing out
Anglo Irish Bank. Across the country today ordinary people are asking
themselves has the debt been reduced and will it mean less tax hikes
and spending cuts next year and the years after that. The answer to
the first question is an unequivocal ‘no’. The answer to the second
question is not yet clear and will be determined following discussions
with the Troika."

Cllr Brady went onto say "It not surprising that the establishment are
trying to build this up as something that it’s not. Sinn Féin has been
consistent since we first raised the issue of the unfair Promissory
Notes payments. They should not be paid. They are not the people’s
debt, not our debt. Extending an unfair repayment period does make a
debt fair or just. When the first payment on Promissory Notes was paid
in 2011, only Sinn Fein members raised the issue in this House. Fianna
Fail didn’t raise a whimper. The first vote ever in Leinster House on
Promissory Notes was called by Sinn Féin. We have been clear on this
and consistent. Others can defend themselves. The people know where
Sinn Fein has stood on this issue. This is Fianna Fáil’s legacy to the
Irish people. This €48 billion debt was taken on by cabinet in which
Michael Martin sat and did not object, by a government in which
Michael McGrath diligently supported to the very bitter end. Today
however it become as much a Fine Gael and Labour party debt as it is a
Fianna Fail one. It is a debt created by bankers and criminals which
we the people are paying off and after this charade is over it will be
more difficult than n ever for the people to throw this debt off.

Brady concluded “This week the government had a historic opportunity
to secure a real reduction in the cost of the toxic banking debt
foisted on the people by Fianna Fáil. Not only have Fine Gael and
Labour wasted that opportunity, they have increased the cost of that
burden for decades to come.”

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