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Success for Syriza in Greece could see Ireland’s debt bill cut in half – Carthy

23 January, 2015 - by Matt Carthy MEP

Speaking today(Friday) in advance of the Greek elections on Sunday, Sinn Féin MEP for the Midlands North West Constituency Matt Carthy stated that victory for left wing party Syriza could improve Ireland’s chance of obtaining a better debt deal from the EU.

Carthy said:

“The rising popularity of Left wing party Syriza has sent reverberations through the powerful and elite of Europe. Syriza, which looks set to achieve at least 30% of the vote and possibly lead a new government, has fought the campaign with obtaining a better deal on Greek debt as one of its key policy platforms.

“For many, the Greek elections are a referendum on the Austerity policies implemented across Europe since the onset of the economic crisis and with little signs of recovery six years after the crash, it is anticipated that support for left parties will increase across Europe as political battle lines are drawn on the approach to economic issues.

“If Syriza is victorious it is anticipated that it will use its mandate to put pressure on EU leaders to hold a European Debt Conference, similar to that of the London Conference in 1953, which saw the write down of half of the debt of post war Germany and proved to be one of the essential cornerstones of Germany’s now thriving economy.

“If implemented, Syriza’s proposals would see the write off of €228 billion of Greece’s €319 billion debt and see repayments stretched out over 58 years. A similar deal for Ireland would cut our debt bill in half from €203 billion to €82 billion with repayments over 40 years.

“Political leaders, by and large, have unleashed the “fear factor”, hinting at a possible Greek exit from the eurozone and market contagion in an effort to nudge Syriza supporters back into line.

“Our own Taoiseach, rather than seizing the opportunity and momentum rising across Europe, true to form, meekly toed the line in Davos this week when he rejected calls for a European Debt Conference and aligned himself with the most conservative elements of the European establishment.

“For many Irish citizens, it is possible that the elections in Greece this weekend could have more positive bearing in the economic future of Ireland than the so-called “Democratic Revolution” of 2011, which saw Fine Gael and Labour enter Government here on the back of a swathe of broken promises .”

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