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EFSF legislation is past its sell-by date – Reilly

22 September, 2011

Speaking on a debate on the European Financial Stability Facility, the Sinn Féin economic spokesperson in the Seanad, Senator Kathryn Reilly said:

“The government has made much of the returning to us of a small portion of the interest we have to pay on our loans from Europe.

“However since the European Financial Stability Facility was first established our economic sovereignty has been ceded to Europe and the IMF. Fine Gael and Labour continue to implement cuts to essential public services with further austerity measures planned.

“We now have near half a million people unemployed, 20% of whom are young people. We have 40,000 people emigrating. We have tens of thousands of families struggling to pay mortgages, energy and food bills.

“The same failed policies are now being pursued across Europe. The legislation that the government has brought forward is already past its sell by date. The measures agreed in July have failed to address the problems in this state and across Europe.

“Another way is possible. There is a need for a banking solution to the banking problem. This EU wide private sector debt cannot and should not be shifted on the national balance sheet of small peripheral open economies.

“What is required is a clear view of the scale of the problem facing all the European banks, and given the inter-connectedness of the problem; a European wide solution to redress the European banking crisis including significant burden sharing.”

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