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Government must come clean on any bank debt deal

5 June, 2012 - by Pearse Doherty TD


Sinn Féin finance spokesperson Pearse Doherty TD has called on the Government to “come clean on any bank debt deal”. The call comes after the German government rejected the idea of any change to the terms of the existing funding programme.

Deputy Doherty said:

“Since Friday the government has been talking up the possibility of a deal reducing the cost of the banking debt. Enda Kenny said that he raised the issue directly with Angela Merkel on Friday.

“However statements by German government spokespersons in today’s newspapers seem to flatly contradict the claims being made by government.

“The Government needs to come clean on any bank debt deal. They need to tell the public what they are looking for and what they hope to secure.

“When the Dáil reconvenes this week Sinn Féin will be challenging the government to outline what progress, if any, has taken place on the promissory note negotiations with the Troika. We will also be seeking clarification as to whether the government is seeking a restructuring or a write-down on other portions of the private banking debt held by the state.

“Sinn Féin was the first Dáil party to argue that the current level of government debt is unsustainable. Unless this debt is reduced then the prospects for as return to normal borrowing in 2014 are remote.

“There is a compelling case for a portion of this debt to be written off. However this can only be secured if the government seeks a write-down and then follows this up with a serious political effort to secure such an outcome.”

ENDS

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