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Government has six weeks to secure deal on Promissory Note – Doherty

15 February, 2012 - by Pearse Doherty TD

Sinn Féin finance spokesperson Pearse Doherty has said that the Government has “six weeks to secure a deal on the Anglo Irish Promissory Note”.

He made his comments during an Oireachtas Finance Committee meeting at which economic experts on the Promissory Notes briefed TDs on the details.

The economists were Professor Karl Whelan, Professor Brian Lucy and Dr Stephen Kinsella.

Deputy Doherty said:

“The Anglo Irish Promissory Note is an odious debt, the payment of which is causing real social and economic damage. In six weeks the government will pay €3.1 billion to Anglo Irish Bank in the second annual payment of this debt.

“During this time the Troika and European political leaders are expected to conclude their negotiations on the future of this debt.

“The Government has a small window of opportunity to secure a deal on this issue that will reduce both the debt and deficit burden on the state. However the outcome of these negotiations will depend on what the Government is demanding.

“Calling for reductions in the interest rate is simply not enough. The Government must secure a deal on the capital portion of the debt in its entirety.

“Today during the Oireachtas Finance Committee meeting the country’s leading academic experts on the Promissory Note outlined a number of viable scenarios for reducing and even lifting the burden of this odious debt from the state and the taxpayers.

“The Government must listen to these experts and utilise their knowledge and advise in order to ensure that come March 31st we do not waste yet another €3.1 billion of taxpayers money wasted on the zombie bank that is Anglo.”

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