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Government scaremongering on emergency funding risks market re-entry: McDonald

29 April, 2012 - by Mary Lou McDonald TD

Sinn Féin deputy leader, Mary Lou McDonald TD, has accused the government of risking the state's re-entry to the bond markets by creating confusion about future access to emergency funding.

Speaking today, the Dublin Central TD said:
“More and more people and organisations are realising that our access to European funding is not the real issue here because it is within the power of the government to prevent us being excluded from ESM if there is a No vote.
“Today we see the IMF statement that a No vote would not prevent us applying for its funds if we need them in future. The European Financial Stability Facility (EFSF) is also available to us up until the middle of next year. The government is trying to distract people with these threats about funding, while the real issue is putting this clause into the constitution to impose austerity into the future and to give power over our economy to the EU.
“The government never stops telling us that we need more cuts and taxes to recover, but if the austerity programme was working, then we would not need another bailout anyway.
“Let's be clear, this brutal austerity is not bringing us any nearer to a return to the market. The uncertainty being created by government scaremongering about funding will make it even more difficult for us to be able to borrow in the future.
“There is no way that we will be allowed to go under within the Eurozone. To do that would be to jeopardise the Euro and protection of the currency is the primary goal of the EU leaders.
“Sinn Féin is not in cloud cuckoo land as the government tries to say, but is on the same side as many of the trade unions and labour parties in Europe who are clear that austerity will not solve the crisis and that a No vote on 31 May would send a signal to the EU that it is time to re-think these policies which are hurting people so badly.”

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