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Draft Eurozone treaty worse than expected says Pearse Doherty TD

16 December, 2011 - by Pearse Doherty TD

Following the leaking of a draft on the forthcoming Eurozone
Austerity Treaty, Sinn Fein finance spokesperson, Pearse Doherty TD described the treaty as “worse than expected” and “completely unworkable”. Deputy Doherty said:
“On the basis of the draft I have seen this evening, it is clearly the intention of EU leaders to draft a treaty that will condemn the people of this state to a decade of crippling austerity.
“The draft treaty calls for the new austerity rule to be written into constitution law. Such a rule would have devastating consequences for the wellbeing of the vast majority of people in this state.
“The draft also proposes that member states whose debt to GDP ratio is above 60% must commit to a 5% reduction in the debt every year until their debt is in line with EU rules. In Ireland's case this would mean an adjustment of €8.5bn each year until the target is met, which could take a decade.
“Given that our debt-to-GDP ratio is currently at 100% and set to rise in the coming years how on earth does the government expect this rule to be met?
“This agreement is completely unworkable. Any attempt to implement it would lead to a lost decade of crippling austerity, dramatic increases in unemployment and emigration and no hope of economic recovery.
“If this draft is anything to go by, the intention of the European Council is much worse than we thought originally. If the government attempts to impose this treaty on the people without a referendum it will not be forgiven.
“This is clearly a bad deal for Ireland and we, in Sinn Fein, will do everything in our power to oppose it.” ENDS

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