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Government “complicit” in EU plan to hit depositors and corporation tax in Cyprus: Doherty

20 March, 2013 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty has said the government is “complicit” in attacking the deposits of citizens in Cyprus.

Deputy Doherty said;

“As a member of the Eurogroup, Minister Noonan had the chance to say stop. Instead he joined with the bullies in pushing a plan on a small country which included a raid on deposits and a change in their corporation tax rates.

“This government is complicit in the Eurogroup decision to cross two lines. Firstly, they have set a precedent that deposits including those under €100,000 can be raided to bail out the banks. This decision will shake the banking system across Europe and cause great worry among depositors in Ireland.

“By agreeing to a plan which included a change in corporation rates in Cyprus the government has weakened its hand in protecting Ireland’s right to set our own corporation tax.

“The complicity of the government in agreeing to this blackmail of a small EU state is shameful. As importantly it is directly contrary to the interests of Ireland.

“How can Minister Noonan argue for a direct retrospective recapitalisation of our banks when we have agreed the Cypriots will get nothing from the ESM? How can we argue that our corporation tax is our business when we have agreed to Cyprus changing their rate as part of a deal?

“I am thankful that the Cypriot Parliament has thrown out the Eurogroup’s demands. Minister Noonan must now explain his role in that unfair demand and why he signed Ireland up to the principle that deposits are not safe and corporation rates are on the negotiating table.”


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