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O’Brien condemns government payment of €74billion to anonymous bondholders

9 November, 2011

Speaking during the Sinn Féin Private Members Motion on the Anglo Promissory Notes in the Dáil this evening, Sinn Féin TD for Cork North Central Jonathan O’Brien condemned the government for their payment of €74 billion to anonymous bondholders.

Deputy O’Brien said;

“It is worth restating again and Sinn Féin will keep restating it until Fine Gael and the Labour Party begin to understand that paying out €74 billion of public money to nameless, faceless bondholders for private debt is morally wrong. €74 billion, it should be noted, is a conservative estimate. Some commentators have stated that the final cost could be as much as €90 billion.

“This debt will cost every man, woman, and child in the State €16,157. It will effectively cost a family of four, €64,628. Put in very simple terms, we simply cannot afford this and when the government eventually realise this, a reality they will eventually be forced to face, there is no telling what type of Ireland we will have. Paying this toxic banking debt using the people’s money is the height of economic ignorance.

“If the Government had any sense at all, they would immediately declare the State’s inability to pay this debt and desist from continuing on this disastrous road. Subsequent to this, the Government must then immediately engage with the European Central Bank and their European Council Counterparts to negotiate the lifting of this burden from the Irish tax payer.

“Fine Gael and Labour went in to government saying that they would do things differently, however they are doing a pretty good job of carrying the torch that Fianna Fáil and the Green Party left for them.

“Make no mistake about it, the forthcoming budget that will take €3.8 billion out of the economy will destroy the hope that families still comfort themselves with. The people who gained absolutely nothing from the years of the Celtic Tiger are shouldering the burden of those who made a mess of the economy. This must end.”

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