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Government has negotiated a terrible deal — Adams

28 November, 2010

In an initial response this evening to the details of the EU/IMF bailout, Sinn Féin President Gerry Adams said:

“The government has negotiated a terrible deal.

“The 5.8% interest rate is unaffordable. The decision to force the state to take €17.5 billion out of the Pensions Reserve Fund to pour into black hole that is our banking system is a disaster.

“Sinn Féin had proposed €7 billion be taken from the Pension Reserve Fund for a jobs stimulus programme. The Government refused to do this. But now they are prepared to rob the pension fund to give a digout to the bankers.

“The decision to protect bondholders is disgraceful.

“The banks are getting another €15 billion while simultaneously €15 billion is being taken out the economy- out of people’s pockets.

“The costs of this deal to ordinary people will be deep and will result in hugely damaging cuts to public services, social welfare and wages.”


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