Toibín challenges government on promissory notes
February 5, 2013
Speaking during the Dáil debate tonight on the Technical Group private members’ motion on the promissory note, Sinn Féin spokesperson on jobs, enterprise and innovation, Peadar Toibín said:
“The actions of the Fine Gael/Labour government will determine whether or not every man, woman and child in this state is saddled with €10,000 debt each or the burden is electronically extinguished by the Central Bank.
“The signing of the promissory note has been a disaster for our people. The opportunity lost is enormous. This is money that will not be spent on jobs, hospitals, education, housing, transport infrastructure, garda stations. It directly translates into water charges, home taxes, higher PRSI, USC, income tax and VAT on hundreds of thousands of families living on the edge.
“The wealth of the nation is being retrospectively swapped for the debt of a defunct toxic private bank. This year, as this state falls over the 120% Debt to GDP cliff into unsustainability, neither Enda Kenny nor Eamon Gilmore can summon the nerve to follow through on their mandate and demand a write-down.
“The reality of people’s lives jars grossly with the overpaid government negotiators such as the minister for finance telling people not to get too excited that there is two months to get a deal.
“The IMF, George Sorros, your own selves two years ago broadly agreed with Sinn Féin’s write down position. But your inability to negotiate and your singular strategy of ingratiating yourself with the ECB has so far sorely let Ireland down.
“The government needs to clearly outline negotiation objectives, you need to communicate red lines, pivotally that no deal without write down is acceptable.
“We must demonstrate our deeply held intent in coming to a resolution in partnership with the ECB but equally we must show our preparedness to walk away from the promissory note this March unless a fair resolution is forthcoming.”