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Euro Loan Bill another act of solidarity with bond holders – Ó Snodaigh

19 May, 2010 - by Aengus Ó Snodaigh TD

Speaking in the Dáil this evening on the Euro Loan Area Facility Bill, Sinn Féin TD Aengus Ó Snodaigh said his party will be the only party to vote against the Bill as it is another act of solidarity with bond holders from this Government rather than a gesture to the people of Greece.

Deputy Ó Snodaigh said:

“As a consequence of the vulture capitalism of recent weeks, and of the past year in particular, the Bill before the House intends, supposedly as a gesture of solidarity, to extend a loan to the Greek people of up to €1.5 billion, or a bond of some kind. We are told that is the intention of the Bill but the opposite is the case.

It is not an act of solidarity with the Greek people, but is, once again, an act of solidarity with bond holders from this Government. It is German bond holders in the main who are being bailed out in this case, and not our neighbours and friends, the Greek people, who will benefit.

“Ultimately, the Greek people will have to foot the bill, which was not caused by the working people or the unemployed of Greece. It was created by an economy built on falsehoods, by tax avoidance on a rampant scale encouraged by the Government, and by tax exemptions which encouraged those in the shipping industry and major companies to benefit while the working people had to pay their share.

“The situation is similar to that of Ireland. Our Celtic tiger was built on a falsehood, a basket-case economy that was found out in recent times. In the case of Greece it is the same thing. Its economy was built on falsehood and ships as ours was built on construction and when it collapsed it did so very heavily.” ENDS

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