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Irish government must accept that Greek debt is unsustainable – Matt Carthy MEP

3 July, 2015 - by Matt Carthy MEP


Sinn Féin MEP for the Midlands North West and member of the European Economic and Monetary Affairs Committee, Matt Carthy has today stated that the Irish Government should support calls for debt relief for Greece.  He said that almost every independent economist in the world has acknowledged the need for such relief and even the International Monetary Fund has acknowledged that Greek Debt is unsustainable.

Carthy said:

“The Irish government has invested more effort in blocking the Greek people from securing a debt deal that they did in fighting for one for Ireland. 

“Refusing to consider any form of debt relief and steadfastly insisting on the imposition of even more Austerity on the Greek people has exacerbated the economic turmoil that has captured Greece.  The simple fact of the matter is that Greece requires debt relief and an end to Austerity if it is to have any hope of recovering from the current financial crisis.

“Even the IMF has recognised this fact, describing Greece’s debt level as “unsustainable” and calling for a significant grace period on debt repayments in order to allow the Greek economy to recover as well as large scale debt relief.  It is madness that the Irish government is not supporting this position.

“Of course, the irony is that any such deal for Greece would likely lead to an improved negotiating position for Ireland.  In the past when Greece has received improved terms Ireland has benefited and indeed Fine Gael and Labour sought to claim credit.  Unfortunately the Irish government position has been to act as cheerleader for the German government in the hope that a failure by the Syriza government to get a sustainable deal can in turn be used as a political stick to hit Sinn Féin with in Ireland.

“This has been about the politics of punishment – the Irish and EU leaders are making the Greek people suffer because they had the audacity to elect a government that sought an alternative to a crippling austerity agenda.  They are now turning the screws – refusing to even negotiate the latest proposal by the Greek government.  Ahead of Sunday’s referendum in Greece they have yet to state whether they will accept the outcome, whatever it is, in contrast to the Greek government who have bound themselves to the democratic will of their people.

“The Irish Government is on the wrong side of history and I am urging them to stand in solidarity with Greece and support their calls for debt write down as the only real solution to this crisis.”

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