Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-03-28-Speech-3-303-000"
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"en.20120328.24.3-303-000"2
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"Mr President, right now Ireland is implementing austerity measures to bring our fiscal deficit under control but concurrently we are being asked to shoulder the cost of bailing out our banks. This will cost us EUR 47 billion – for just one bank – from four and a half million people; the largest bank bailout in history.
We made the initial mistake of guaranteeing our banks and then the ECB insisted that Irish taxpayers would take the hit for speculative bondholders. That same ECB is now saying that on top of our extremely difficult fiscal correction we must pay EUR 3.1 billion by 31 March this year and for many years to come. That type of payment will bring us to our knees and is asking the impossible. It will send our debt-to-GNP ratio spiralling to 150% and condemn the Irish economy to years and years of stagnation.
So how can we ever hope to pay back our debts? The debt must be restructured. The IMF agree; virtually all independent economists agree; and it is time for the ECB to stop dragging its heels and acknowledge that Ireland needs measures which will provide some prospect of survival."@en1
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