Press Statement by the Communist Party of Ireland
Making the people pay
26 September
2012
The recent
joint statement by the German, Dutch and Finnish finance ministers exposes the
carefully constructed myth built up by the Irish government that it is winning
the argument in relation to a solution to the socialised corporate debt—the
bank guarantee—imposed upon the Irish people to save the euro and the German
finance houses.
Their
statement clearly says that “legacy assets should be under the responsibility
of national authorities.” What this means in effect is that we must take full
responsibility and pay for the socialised corporate debt, which was itself
created by the banks in the core countries; but if in the future the German
banks get into trouble, the European Central Bank should take responsibility.
We would therefore be contributing to paying German bank debts through the ESM
mechanism.
They are
making sure that saving German bankers and financial speculators is of far
greater priority than feeding hungry Irish children, providing medical care to
those who need it, educating children, and looking after the elderly.
Austerity and
debt repayments are now effectually built in to the very fabric of the EU and
in particular the structured debt relationship between the central powers and
the peoples of the peripheral countries. In the immediate term, repudiation of
the debt is the only way forward, as the debt is simply not payable.
The
contradictions at the heart of the EU are resulting in great pain for the
people throughout Europe, which can be solved only by a radical rupture in the
current direction and policies, a rupture with the system itself.
Eugene Mc
Cartan
087 9733414
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