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Second Greek bailout destined to fail – Doherty

6 March, 2012 - by Pearse Doherty TD

The Sinn Féin finance spokesperson Pearse Doherty has said that the second Greek bailout programme is destined to fail because it is based on the same failed policies of austerity as the first bailout.

Deputy Doherty said:

“The problems in Greece, and indeed in Portugal, Ireland and Spain, are not just domestic in origin. They are a consequence of policy failures at both the domestic and European levels.

“This means that responsibility for the crisis must be born at both the domestic and European levels.

“Unfortunately the approach of the European Union, and particularly the European Central Bank, has been to punish the Greek people for failures which the ECB is also partly responsible for.

“Such an approach is not only unfair, but is destined to fail.

“The deal that we are effectively being asked to endorse here tonight will mean more hardship for ordinary Greek citizens; more unemployment; more poverty; more assaults on the income and living standards of those already unable to cope with the cost of the first bailout.

“We are told that this is the necessary price that must be paid to fix the broken Greek economy, that this is the harsh medicine required to cure the sick Greek patient. Unfortunately even a cursory examination of the bailout programme demonstrates that this isn’t the case.”

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