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Coalition’s debt for sovereignty swap will cost Ireland dearly – Tóibín

5 April, 2011 - by Peadar Tóibín TD


Sinn Féin Enterprise Spokesperson Peadar Tóibín has called on the Government to stand up for sovereignty, stand up for Ireland and to put the bank bailout and the EU-IMF deal to the people.

Speaking in the Dáil Deputy Tóibín said:

“Not 40 days ago Fine Gael and Labour TDs went door to door promising change and convincing people that their new Government would fairly share the burden of debt with senior bondholders. They committed to renegotiating a ‘better deal’ from the EU and the IMF.

“Since then this Government has injected a further €24 billion into defunct banking institutions. They have done the bidding of their EU-IMF masters and have totally abandoned any notion of a renegotiation.

“The most recent bailout of the so-called pillar banks will have an enormous effect on the economy and on the people. It may end up costing as much as €13,000 for each individual worker in the state.

“Given that the EU-IMF bailout will reduce the future say of Irish people over their own future it is only right and fair that the people at least be given the opportunity to have their say in the form of a referendum.

“If the Government are so confident that they are representing the will of the people on this issue then such a referendum will only serve to confirm that they are on the right track. However they know that this is not the case and that in actual fact they have pulled a shockingly expensive fast one on the people of Ireland.

“I am appealing to Fine Gael and Labour TDs to do right by the people who elected them. To stand by their pre-election commitments. To stand up for sovereignty, stand up for Ireland and to put the bank bailout and the EU-IMF deal to the people.”

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