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Government prepares to draw down IMF loans for zombie banks – Doherty

17 January, 2011 - by Pearse Doherty TD


Speaking today as the Government prepares to draw down the first tranche of €5.8 billion from the IMF Sinn Féin Finance Spokesperson Pearse Doherty said the funds will be given to zombie banks and head straight back out of the country leaving nothing but debt for Irish taxpayers.

He said the Government is as much a failure as the banking system.

Deputy Doherty said:

“The imminent draw down of the first tranche from the IMF which is due tomorrow totalling 5.8 billion, comes fast on the heels of the draw down of the first €5 Billion from the EFSM last week and marks another black day for Ireland.

“This money will be given to zombie banks here so that the leading banks of Europe can avoid the consequences of their own reckless lending decisions. The money is heading straight back out of the country, leaving only increased debts for Irish taxpayers.

“The State’s Exchequer deficit is fixable; it is the banking crisis that is pushing us over the edge.

“Sinn Féin would not draw down this loan from the IMF/EU. We don't need these funds – Europe’s banks do.

“We would burn bank bondholders – apply a market solution to a market problem. We would introduce a bank resolution plan that protects depositors, and at the same time, taxpayers.

“We have set out our six year alternative to closing the Exchequer deficit which involves protecting the vulnerable in our society, taxing the rich and maintaining our economic sovereignty.

“This government is as much a failure as the banking system. When it is finally prised from office, we will insist that the new Dáil repudiates this deal, which delivers up the hard work and incomes of Irish taxpayers to parasitic bankers across Europe.

“We pledge our opposition to this deal and encourage all citizens and voters to demand that other parties do the same.” ENDS

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