Noonan's Cruel Joke

Press Release

REPUDIATE THE DEBT CAMPAIGN

29th March 2012 Noonan's cruel joke

The announcement by the Minister for Finance Michael Noonan in the Dáil today that the promissory note due to be handed over on Saturday 31st March for €3.06bn to Anglo-Irish Banks now known as IBRC has been deferred.

This move is nothing more than window dressing. The announcement that payment will now be financed through the issue of a long-term Government bond will place an even greater burden upon the people and will cost our people possibly nearly €90 million every year in additional interest when it is refinanced by the Bank of Ireland.

It is clear this government has no strategy to solving the debt crisis other than to follow orders from the EU/ECB/IMF and that is to make the people shoulder the burden of this odious debt.It is increasingly clear to more and more people that the massive austerity inflicted on working people and especially upon the old, the sick, on our children, and the massive cuts in public spending will only increase.

This is a cruel joke being played upon working people by the internal troika of Fine Gael, the Labour Party and Fianna Fail who have no intention of ever confronting the EU and defending the interests of the Irish people.

Pól Ó Deoráin
Co-ordinator
087 6837650