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Troika may be leaving but its mindset remains – Adams

14 November, 2013 - by Gerry Adams TD


Responding to today’s announcement that Ireland is to leave the bailout programme without a precautionary credit line Sinn Féin President Gerry Adams has welcomed the move but said the government should not applaud itself for decimating public services and leaving families across the state in poverty.

Deputy Adams said;

“Taoiseach, as you know, Sinn Féin has called on the government not to take the conditional precautionary credit line, because we believe that would have been akin to a second bailout.

“So I welcome the announcement here today that we are exiting this programme and not immediately entering into a second one.

“However, we cannot get ahead of ourselves.

“The Troika may be leaving, but the Troika mindset remains. Your government has introduced many austerity measures that were not recommended by the Troika.

“You have taxed and cut the most vulnerable in Irish society, unbidden by your European masters.

“Next year, whether the Troika is here or not, you will take €2 billion more from the economy in water charges, taxes and more cuts to health, education and other vital services.

“On top of that, we are still subject to the terms of the fiscal treaty, which your government and Fianna Fail pushed the people to support.

“For many more years, we will be forced to keep deficits unsustainably low and to reduce our unsustainable debt burden, inflicted on us because of the policy Fine Gael, Labour and Fianna Fail took in bailing out the banks.

“Taoiseach, your government has secured nothing to relieve us of that odious debt.

“You shouted about your achievements at the Euro summit last June, when you claimed that a game changer had occurred, and that the European Stability Mechanism would reduce banking debt, and separate banking debt from sovereign debt.

“Why has that not happened Taoiseach?

“How will the international markets receive us when we are still carrying that level of debt?

“I am glad that we are not taking a second bail-out. But there is much work ahead.

“If we are to begin to regain our economic sovereignty, it will not be under this government.

“It will not be under Fianna Fail.

“It will be under a party that knows the way to rebuild the economy is to make deficit adjustments that are fair and growth friendly.

“A party that knows an economy must be stimulated and jobs created if recovery is to be sustainable.

“And a party that knows that banking debt is a noose around the neck of this economy and must be restructured and reduced.

“We are leaving this programme but we cannot get away from the legacy and the damage caused by austerity.

“Our public services are decimated and families across the state are in poverty.

“That is nothing to applaud yourself for.”

ENDS

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