Sinn Féin - On Your Side

Adams urges Kenny to ‘make a stand’ at Eurozone summit

20 July, 2011 - by Gerry Adams TD


Speaking in the Dáil today regarding Thursday’s Eurozone meeting in Brussels, Sinn Féin President and TD for Louth and East Meath Gerry Adams called on the Taoiseach to take the opportunity to ‘make a stand’ against the huge profits our EU partners are making from the exorbitant interest rate they have imposed on the loans made to this State.

Mr. Adams said the priority for the government at the summit must be to “ensure that Irish debt is brought to a sustainable level” and called for payments to unguaranteed senior bondholders to be stopped.

Addressing the Taoiseach Mr Adams said:

“Payments to unguaranteed senior bondholders must be stopped. If not, by the end of September you will have given them €4.3 billion. At the beginning of November the Government will pay €703 million to these bondholders. This is almost the exact same amount that has been taken out of the health budget.

“The social consequences of government policy is to be found in closed A&E units; in the almost half a million unemployed; in the decisions our
elderly citizens are being forced to take between paying bills and buying food.

“Taoiseach it is not enough to say that you have no choice, the truth is you do and you can start by making a stand for Ireland’s interests at the EU summit tomorrow.”

Gerry Adams TD Speech on EU Emergency Summit:

Taoiseach I welcome the fact that there is a Special Summit on the
European Debt crisis to be held this week.

However I have to say that I think the handling by your Government of this crisis since you took office has been appalling.

We heard a lot of guff during the election about not one penny more into the banks – Fine Gael will do things differently.

Yet in the next 10 days the government will pay €19 billion into Irish
banks.

Your Tánaiste - in those days he was presented by Labour as the Taoiseach in waiting – declared it would be Labour’s way not Frankfurt’s way.

You seem to have made no effort to build alliances with other EU
Governments such as those who are also in receipt of the so-called
assistance of the EU and the IMF.

And then you set aside all of your commitments on these issues; shredded your manifesto and proceeded to implement Fianna Fáil policy.

You also blame Fianna Fáil on every decision you have taken.

Of course, Fianna Fáil stand condemned for the mess they created but Fianna Fáil are no longer in government.

Fianna Fáil are not going to the European Summit. You are. You are the Taoiseach. You have choices to make.

Sinn Féin wishes you well. We want you to stand up for the citizens of this state and for Irish interests.

The difference between us is that we represent different interests.

The reality is that our so – called partners in the EU are set to benefit to the tune of nearly €10 Billion due to the penal rate of lending.

That is scandalous, that is what you need to re negotiate this week

The leaders of France, Germany and other EU states have made decisions not in the interest of the EU as a whole but in their own national interests.

You should follow their example.

You should not see yourself as an observer at this summit.

You need to make it clear that the EU Plan for Greece, Ireland and Portugal has failed.

Taoiseach the medicine is killing the patient.

Ireland is unlikely to be in a position to return to International Bond
markets in 2013; Irish Debt has been rated as Junk by one of the leading rating Agencies.

Taoiseach this EU/IMF plan is junk and it needs to be dumped.
And you should say so. Clearly and directly.

Taoiseach, the priority for the Government and for you at this summit needs to be to ensure that Irish debt is brought to a sustainable level.

You can’t tackle this debt crisis by taking on more debt.

Payments to Unguaranteed Senior Bond holders should be stopped. In November €703 million will be paid over to these bondholders.

Taoiseach, that amount mirrors almost exactly the amount of money taken out of the Health budget.

The social consequences of government policy is to be found in closed A&E units; in the almost half a million unemployed; in the decisions our elderly citizens are being forced to take between paying bills and buying food.

Moreover, your Government has spent 5 months negotiating an interest rate
reduction which you have as yet failed to achieve.

This reduction will save the exchequer only €150 million per year as it will not apply retrospectively to money already drawn down under the bailout.

In 2011 the Government pumped €3.1 Billion of Taxpayers money into zombie banks like Anglo Irish and Irish Nationwide.

In addition our EU partners will benefit to the tune of nearly €10 billion from the exorbitant interest they are charging on the loans.

While an interest rate reduction will be welcome it amounts to very little when set against the profits our partners are making; the tens of billions being pumped into banks to pay for their mistakes; and the hardship our citizens are enduring.

Taoiseach, this is a policy which makes no economic sense.
It is madness.

The ECB policy of protecting Bank Bondholders whatever the cost is reckless
and dangerous and you need to call time on it.

It is reckless in terms of the social consequences that policy, as
implemented by you, is having on our citizens.

This is reflected in the downgrading of services in Hospitals, in the loss
of SNA’s in schools and in the forthcoming Household charge.

It is reflected in the Universal Social charge and the new taxes on
property and water that you are bringing in at the behest of the Troika.

It seems that even the IMF has lost patience with EU dithering and ECB
obstructionism on the issue of Burden sharing.

Taoiseach you need to impress on other leaders this week that the Irish
people are no longer prepared to carry the can for these gamblers and speculators.

Finally, Taoiseach thus far you have refused to listen to Sinn Féin’s
advice on these matters.

That is your entitlement. That is your choice.

But all of us have to learn to listen to opposing voices.

You represent us at this summit. You are not there as a spectator.
Ireland is a good place. The Irish people don’t deserve to be walked over.

You need to make a stand.

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