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One year on – who is being bailed out?

28 November, 2011 - by Pearse Doherty TD

Speaking on the first anniversary of the EU/IMF austerity programme Sinn Féin finance spokesperson Pearse Doherty described the programme as “a bailout for the banks not for ordinary citizens.”

Deputy Doherty said:

“It has been a year since Fianna Fáil and the Green Party handed over control of our economy to the EU and IMF. How have we fared under the diktat of the EU/IMF austerity programme?

“Contrary to the positive reports from the Troika and the hand wringing from Fine Gael and Labour it has been a year of missed opportunities, failed policies and spineless politics.

“It has been twelve months since the Troika arrived and the government still has no strategy for altering the details of Fianna Fáils EU/IMF austerity programme.

“But who has really benefited? Who has been bailed out? The government would have you believe that money from the EU and IMF is being used to pay teachers, nurses and guards. Unfortunately the truth is very different.

“At the end of October the exchequer deficit was €22.1 billion. Half of this, a staggering €10.7 billion, is money given by Fine Gael and Labour to the banks since taking office, including €3.1 billion to Anglo Irish Bank.

“A further €10 billion was given to the banks by Fine Gael and Labour in July. This is not recorded in the exchequer figures as it came from the National Pension Reserve Fund. And a further €3.7 billion was injected into AIB by Fianna Fáil in the dying days of 2010.

“So simply put the deficit is currently €22 billion, payments to the banks since the Troika arrived amount to €24.4 billion.
“These figures speak for themselves. The EU/IMF programme is a bailout for the banks not for ordinary citizens.”

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