"This deal must be rejected" - O Caolain
Sinn Fein Dail leader Caoimhghin O Caolain has said the deal done by the Fianna Fail/Green Government must be rejected and cannot be binding on any future government. He said that the extension by a year of the time to reduce the deficit to 3% vindicated what Sinn Fein had said, uniquely among the Dail political parties. He called for the immediate resignation of the Government. He said:
"A government with no mandate and no political authority has signed a deal that amounts to economic treason. It condemns this and future generations of Irish people to economic bondage for many years to come. And this is being done not to address the State's deficit problem but to shore up a corrupt banking system and protect international financial gamblers.
"Our people will be burdened with an average interest rate on this loan of at least 5.8% with the Government admitting that this can vary according to market conditions. These conditions will almost certainly see this interest rate rise. What are the interest rates for the different elements within the plan? We do not know what the real cost of this loan will be.
"The extension by a year to 2015 of the time set for the reduction of the deficit vindicates what Sinn Fein had said, uniquely among the Dail political parties, that the four year timeframe was totally unrealistic. Yet we we were dismissed by the Government for taking that position.
"This deal protects bond-holders while being linked to a four-year plan that punishes low to middle income earners in Ireland and which will devastate public services.
"It is appalling that this deal is to take money from the National Pensions Reserve Fund - not to provide stimulus for jobs and growth as proposed by Sinn Fein and others - but to shovel more resources into the black hole of the banks.
"This deal must be rejected and cannot be binding on a future government. The Fianna Fail/Green government should immediately resign." ends