Austerity pain all in vain

Repudiate the Debt Statement

February 2 2012

Austerity pain all in vain

The quarterly report from the Central Bank on projected growth in the economy of 0.5 per cent in 2012 exposes the falsehood that we can continue to pay this odious and anti-people debt by “growing the economy.” Great hardship and pain are being inflicted on our people in what is clearly an impossible task of paying back this socialised corporate debt.

In the first month of 2012 alone this state spent €769 million servicing the interest on the national debt. This will come to a minimum of €9 billion this year merely in servicing this corporate debt. Added to this are the payments to bond-holders that fall due for payment this year, running into nearly €5 billion.

The servicing of this debt is the real reason for the savage austerity pact. The state cannot provide services to the people and save German and French banks at the same time. There is clearly only one solution: the people’s interests must be put first and foremost. Saving German and French banks is the responsibility of those two states. This is not the people’s debt and must be repudiated before it completely beggars our people and country, with all the austerity pain having been in vain.

Paul Doran

Co-ordinator

087 6837650