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EU Commission bends rules again to approve of NAMA – Morgan

26 February, 2010

Lashing out at the EU Commission’s approval of NAMA today Sinn Féin Finance Spokesperson and TD Arthur Morgan said it had once again bent the rules to allow something it considered ideologically acceptable.

Morgan said this jarred with its approach to small troubled economies and their deficit reductions.

Morgan said:

“The EU Commission is ok with this state borrowing €54 billion for NAMA despite where that will leave the General Government Balance – but it wants us to get our deficit back to within the 3% Stability and Growth Pact ASAP, even if that entails slashing all public services and ruining our children’s quality of life for decades. It has taken the same approach to Greece and frankly, its behaviour is transparent, politically motivated and despicable.

“This announcement was welcomed by the government today, which always strives to be on the right side of its European masters. However, an announcement by one Minister, that the opposition would do no different with regards to NAMA, is entirely incorrect.

“Sinn Féin in government would seek a way to reverse NAMA and we would base our economic recovery plan on a state bank and a jobs creation strategy – not propping up bad banks at whatever cost.” ENDS

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