Sinn Féin councillor Thérèse Ruane has called for clarity on the deal on Anglo promissory notes. She insists that any deal with the ECB must result in a debt write down and not merely postpone the debt to be paid by future generations.
Cllr Ruane stated: “This Government cannot pay the €3.1 billion due to IBRC, formerly Anglo and Irish Nationwide, on March 31. The State cannot afford to hand over money which will go to the Irish Central Bank to be burnt. Sinn Féin has repeatedly highlighted the unjust nature of this debt and called for the Government to inform the ECB that Ireland cannot and will not carry this debt.
“There are a large number of questions to be answered by the Minister for Finance before any judgment can be made on this deal. Will a deal reduce the State’s debt to Anglo Irish Bank or is this a case of simply kicking this odious debt down the road, to be paid in full by future generations and a future government?
“Will the deal announced by Minister Noonan last night have any impact on the State’s debt-to-GDP ratio, and in turn any impact on our ability to return to the bond markets next year?
“Will the deal have any impact on this year’s deficit, or the Government’s plans to suck €3.8 billion from the economy in 2012 and a further €2.25 billion from the economy in 2013 in spending cuts and tax hikes?
“Will the deal on the promissory note make any difference at all to Fine Gael and Labour’s planned programme of cuts and tax hikes this year and to the financial hardship being experienced by millions of people across the State?
“Critically, will the deal being discussed in Frankfurt fundamentally alter the nature of this debt, transforming it from toxic banking debt to fully fledged sovereign debt – with all of the consequences that brings.
“People want straight answers to these questions, with no spin and no rhetoric. It's time for this Government to stand up for its own taxpayers and citizens in the same way that other European governments have done for their countries. We have received no help in bailing out the banks. We have implemented austerity for years and we've been given a loan that has conditions attached which attempt to dictate the future of our economy for years ahead. Current policy is not working. It is time for the Irish Government to stand up and be counted. We need a debt write down on the promissory notes.”
