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Sinn Féin will fight against further erosion of fiscal sovereignty – Doherty

16 September, 2011 - by Pearse Doherty TD

Speaking at a public meeting tonight on the subject of ‘understanding the Euro crisis’, Sinn Féin finance spokesperson Pearse Doherty TD has said that Sinn Féin “will fight tooth and nail against any further erosion of Irish fiscal sovereignty.”

The conference was also addressed by Greek economist Yanis Varoufakis and journalist Fintan O’Toole.

Addressing the meeting Deputy Doherty said:

“The Euro crisis is deepening by the day. There is widespread speculation that officials in Brussels and Greece are preparing for a default on Greece’s debts. The knock-on effect that this would have on France’s economy would be great.

“There are those who argue that the only solution to these very serious issues is to take fiscal and economic power away from member states and centralise it in unelected EU institutions such as the Commission and the European Central Bank.

“Such a move would not only be undemocratic but also bad for the economy of Europe and peripheral member states such as Ireland.

“We in Sinn Féin say that there is a better way.

“Sinn Féin has long argued that in order for debt levels to be sustainable in Greece, Portugal and Ireland, banks must shoulder their share of the burden. This will require and orderly default on portions of toxic banking debt.

“The €30 billion Anglo Irish promissory note should be waived by the ECB. This would reduce Ireland’s debt to GDP ratio by 20%.

“Following that the Government must start to insist on burden sharing with senior bondholders across the banks.

“Citizens should not be forced to pay for the debt of private banks. Public money should be used for social and economic recovery. To achieve this the government must secire significant burden sharing if a disorderly default is to be avoided.

“The answer to our fiscal problems does not lie with further erosion of our economic sovereignty. Nor, or that matter does it lie with further austerity measures and cuts.

“Sinn Féin will fight tooth and nail against any further ceding of our fiscal powers to unelected, unaccountable figures in Europe.”

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