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Programme of Financial Support is ‘financial suicide’ - Morgan

1 December, 2010

Speaking after the Government’s publication of the Memorandum of Understanding on the conditions for the €85 billion aid package agreed with the EU and IMF, Sinn Féin Spokesperon on Finance Arthur Morgan said such a package was not financial support, rather, it was ‘financial suicide’.

Deputy Morgan said:

“This package has been farcically named a programme of financial support for Ireland. This is a programme of financial support for wealthy European banks and their bondholders, at the expense of the Irish people.

“Thrusting vulnerable people into the depths of poverty and creating further inequalities in this State is in no way financial support. It is financial suicide.

“The details of this are not surprising. The Government have negotiated a bad deal for Ireland. The four year plan had all the fingerprints of the EU and the IMF and we see that in today’s publication.

“The Irish people are being put on a fiscal starvation diet as the parasitic bondholders feed off the lifeblood of our economy.

“We need less debt, not more loans. We need economic stimulus, not strangulation.

“This Government have no mandate to enter this programme on behalf the Irish people.

“This looks like a legally binding document which will contractually bind Ireland. Sinn Féin will be taking legal advice on this Memorandum of Understanding.” ENDS

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