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Sinn Féin slams government decision not to burn senior bondholders

17 September, 2011 - by Pearse Doherty TD

Sinn Féin finance spokesperson Pearse Doherty has slammed Minister Michael Noonan’s announcement that the government will not implement burden-sharing with senior bondholders in Anglo Irish Bank.
Deputy Doherty said:

“Today’s announcement that there will be no burden sharing with senior bondholders in Anglo Irish Bank is a further smack in the face to taxpayers who are already struggling to cope.

“As a result of this decision taxpayers’ money will be used on 2nd November to pay out €700 million to an unsecured, unguaranteed senior bondholder in Anglo Irish Bank.

“While I welcome the Minister’s stated intention to seek negotiations with regards to the bank’s promissory notes, it is clear from its record that this is a government that talks the talk but does not walk the walk.

“Today’s decision by the government has resulted in them abandoning the only financial policy that differentiated them from Fianna Fáil. It is clear now that Fianna Fáil, Fine Gael and Labour have sold taxpayers down the river and condemned us to debt for generations to come.

“Citizens should not be forced to pay for the debt of private banks. Sinn Féin would not put one cent more into Anglo Irish Bank and would ensure that the bankers and the bondholders shoulder their fair share of the burden. Public money should be used for social and economic recovery. I am appealing to Fine Gael and Labour to stick by their electoral promises and stand up for ordinary people, not financial speculators.”

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