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Doherty attacks Lenihan over ‘economic treason’ remark

6 April, 2011 - by Pearse Doherty TD

Speaking in the Dáil today Sinn Féin Finance Spokesperson Pearse Doherty said he was sickened by comments from Brian Lenihan in which he said supporting burden sharing or the burning of bondholders is “a form of economic treason.”

Deputy Doherty said:

“It sickened me to listen to Deputy Lenihan throwing out accusations that I and others in my party, along with many others who are not involved in politics, who are involved in the international bond markets, who are economists, academics and international observers, are involved in economic treason.

“Because we believe that there should be burden sharing or burning of bondholders, an internationally accepted term, and put forward proposals to that end, Deputy Lenihan has the audacity to stand up and say that is akin to economic treason. Maybe he was struggling to find words in his contribution that could distinguish his ideas from those of the Government, because it is following the road map he laid down.

“His analysis of the situation is completely off the mark. This comes from a former Minister for Finance.

“To claim international investment agencies, who made decisions in 2010 to withdraw more than €100 billion deposits from Irish banks, did so because I stood up in this House calling for burden sharing, or because other economists or Nobel Prize holders said there should be burden sharing for senior bond holders, is absolutely ludicrous.” ENDS

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