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Ireland does not need EU/IMF ‘Bailout’ – It needs a new government

15 December, 2010


Speaking ahead of today’s Dáil vote on the EU/IMF ‘Bailout’ Sinn Féin Deputy Leader Mary Lou McDonald described government’s commitment to accepting the monies as a decision that will buckle the state and its people. She also slammed the EU and IMF for behaving like loan sharks – extending credit at extortionate rates to pay back German, French and British bondholders.

Ms McDonald said, “What Fianna Fáil and the Greens are signing us up to is without precedent. The EU and the IMF are behaving like loan sharks – extending credit at extortionate rates to enable us to pay off the bondholders – German, French and British financiers. The EU and IMF efforts to force the Irish state to pump the last of its wealth and savings – the National Pension Reserve Fund – into its failed banking system is an international scandal.

“The government’s commitment to accepting and drawing down the EU/IMF monies will buckle the state and its people. Ireland does not need the EU/IMF loan; it needs a new government at the helm with a brand new vision. Bondholders need to be cut loose from the states sovereign debt. It’s not our debt to pay. Anglo must fall on its sword. AIB and Bank of Ireland must come under full state ownership and be amalgamated if necessary. The deficit reduction period commitment must be extended to 2016. Growth through job creation must become the top policy priority. And socially regressive measures such as using the National Pension Reserve Fund to fund bank bondholders, the cut in minimum wage and a dogged refusal by the political establishment to introduce a wealth tax must be reversed.” ENDS

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