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Government clear-out not EU bailout – Morgan

15 November, 2010

Speaking today amid speculation that Ireland will have to access the EU/IMF bailout fund, Sinn Féin Spokesperson on Finance Arthur Morgan said that “the Credibility of the country is at stake due to the Government’s inept handling of the current economic crisis. What this State needs is a Government clear-out not an EU bailout”.

Deputy Morgan said:

“The credibility of the Government’s banking strategy is shot. The lender of last resort is soon to close its doors to Irish banks and it is clear that the Government’s failed banking strategy is leading Ireland down the path of EU/IMF intervention.

“The dire state of the Irish banking system and its inability to recover is making the possibility of EU bailout a reality.

“The Government’s sheer incompetence in dealing with the banks is causing the vultures to circle. We may have enough cash to see us into next year, but the ECB are supporting the banks with funding and this will not last forever.

“The state needs a Government clear-out, not another bank bail-out. This banking system cannot be salvaged in its current form.

“The Government is responsible for the loss of Ireland’s economic sovereignty. The ECB funding of our banking system and the repeated extension of the bank guarantee are symptoms of this.

“All of this coupled with the Governments refusal to countenance negotiating with subordinated bond holders in the Irish banks have contributed to the economic mess we now find ourselves in. This Government needs to get out of office and give the people a General election.” ENDS

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