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Outrageous interest rate for 'bailout' cannot be accepted – Adams

27 November, 2010 - by Pat Sheehan, Westminster

Sinn Fein President Gerry Adams has described reports that the interest rate to be charged on the EU/IMF 'bailout' is likely to be as high as 6.7% as further evidence of the Government's incompetence.

He said the Government had no mandate to incur such a burden on ordinary taxpayers and called on them to cease negotiations with the EU/IMF, suspend the budget and call a general election.

Gerry Adams said:

"It is expected that this Government, now clinging to power by its fingertips, will agree the terms of a so called bailout with the EU and IMF by Sunday.

"We see reports emerging that the interest rate to be charged on any such bailout is likely to be as high as 6.7%.

“It is patently clear that neither the state nor its citizens can afford to pay back a bailout with such an exorbitant interest rate. This cannot be accepted.

"The bondholders must be burnt. There is a growing acceptance amongst economic commentators that the bondholders must take some of the pain and that the Irish people cannot be saddled with such a burden.

"This rate is outrageously high, unaffordable and contrasts sharply with the 5.2% charged to Greece for its recent bailout.

"It is further evidence of the utter incompetence of this Government.

"It underlines Sinn Fein's assertion that the Government cannot be trusted in any negotiations with the EU and IMF.

"They have no mandate to negotiate such terms and impose such a burden on ordinary Irish taxpayers.

"The result in the Donegal South West by-election has demonstrated clearly that people reject the Government's four-year plan, its proposed austerity budget and IMF interference in Ireland.

"What they need to do is cease negotiations with the IMF/EU, suspend the Budget and call a General Election." ENDS

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