Austerity isn’t working - Vote No - 2012
The so-called Treaty on Stability, Coordination and Governance in the Economic and Monetary Union signed by EU leaders on 2nd March 2012 significantly reduces the ability of any future elected Irish Government to implement any policies of its own.
It hands over significant control of fiscal and budgetary matters to un-elected and unaccountable EU officials. This Austerity Treaty is bad for Ireland and bad for Europe. Rather than stabilising the Euro it will make matters worse.
It seeks to impose drastic and destructive austerity policies in perpetuity and means the Irish Government will have to implement budgets that involve savage cuts for its full term of office and beyond.
Unemployment, emigration, poverty and inequality will rise. National and household debt, already at unsustainable
0.5% structural deficit target will not be reached.
There are alternatives. Sinn Féin is arguing for investment in jobs and growth. We want to see debt restructuring agreements for over-indebted economies involving write downs to assist them return to debt-sustainability. We want an end to the obligation on the State to pay the Anglo Irish Promissory Note and unguaranteed senior bondholders in Anglo and other banks.
Europe’s leaders are failing. Unless there is a radical change in policy the instability will continue and may result in the collapse of the Euro. Now is the time for a real solution to the Eurozone crisis.