Promissory debt will still have to be paid - Adams
February 7, 2013
Sinn Féin president, Gerry Adams TD, today challenged the Tánaiste in the Dáil during leaders’ questions on the Promissory Note proposition.
The Sinn Féin leader accused the government of ensuring that a young person will be paying this “debt for their entire working life.”
Teachta Adams said:
“Today in the Dáil in response to my question the Tánaiste failed to give any clarity on how today’s deal will benefit citizens suffering under his government’s austerity policies.
“The fact is that any young person lucky enough to get a job in the economy today will be paying this debt for their entire working life.“Today Fine Gael and Labour turned a €28 billion promissory note into a sovereign debt for the state which could reach up to €60 billion. “The government’s approach will tie this bad debt to citizens for decades to come –our children and grandchildren will have to pay billions. “We are handing a legacy debt to them and we have no idea what the economic and political circumstances will be when the bonds mature.
“That is wrong.
“It should not be paid for the simple reason we cannot afford to pay it”.