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IMF austerity policies were wrong for Ireland- Lynn Boylan MEP

6 November, 2014 - by Senator Lynn Boylan

Dublin MEP Lynn Boylan has welcomed the report published by the Independent Evaluation Office (IEO) of the International Monetary Fund (IMF) criticising the IMF for advocating premature austerity policies to countries in Europe and elsewhere following the 2008 financial crisis.

Speaking today on the policy review Lynn Boylan said:

“Clearly more and more organisations are coming to the realisation to what Sinn Fein was saying all along and that is that you cannot cut your way out of a recession.”

“The harsh austerity measures implemented throughout the Eurozone, in particular within the so called bail out countries such as Ireland, has resulted in seven long years of economic depression.”

“Austerity was clearly the wrong policy for both major economies as well as for Eurozone countries under Troika supervision. As a result we now have mass youth unemployment and increasing public debt ratios.”

“Just as Ireland seems to be on the cusp of recovery, the water charges will take even more money out of the local economy. The 150,000 people on the streets across the country protesting against this latest tax seems to be the final straw for the already overburdened citizens of Ireland. “

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