‘GOVERNMENT DEBT DEAL ON ANGLO WILL DOUBLE COST TO TAXPAYERS’ – DOHERTY

first_imgSinn Féin finance spokesperson, Pearse Doherty TD, has said that the government’s “much-hyped deal on the Anglo Irish promissory note doubles the cost to the taxpayer of bailing out Anglo Irish Bank.”Deputy Doherty said: “When you cut through all the spin and hype, today’s so called deal on the Anglo Irish promissory note is bad for the taxpayer.“The Government have traded the €28bn promissory note debt for a sovereign liability to the state of up to €60bn. “Rather than seek a write down in the debt the government has kicked the debt can further down the road. In doing so, it has cranked up the long-term costs to the state.“This debt will now not only be paid by this generation of citizens but by our children and our children’s children, for the next 40 years.“While it may provide the state with some short term deficit relief it significantly increases the cost of bailing out Anglo Irish Bank.“Across the country today ordinary people are asking themselves has the debt been reduced and will it mean less tax hikes and spending cuts next year and the years after that. “The answer to the first question is an unequivocal ‘no’. The answer to the second question is not yet clear and will be determined following discussions with the Troika.“When Sinn Féin met the Troika last week they made it clear that any ‘windfall’ arising from the restructuring of the promissory note must be used to pay down the debt rather than be invested in jobs or relief from planned austerity.“This week the government had a historic opportunity to secure a real reduction in the cost of the toxic banking debt foisted on the people by Fianna Fáil. Not only have Fine Gael and Labour wasted that opportunity, they have increased the cost of that burden for decades to come.”Earlier Taoiseach Enda Kenny told the Dáil that the former Anglo Irish Bank had been removed from the landscape and the annual promissory note payments were gone.Mr Kenny said the payments were being exchanged for longer-term bonds, with the first maturing in 2038 and the last in 2053! Minister for Finance Michael Noonan said the Government had achieved its objectives in the negotiations with the ECB.He said what the arrangement meant to ordinary families was that there would be €1bn less taken from them in terms of taxes and spending cuts up to to 2015.‘GOVERNMENT DEBT DEAL ON ANGLO WILL DOUBLE COST TO TAXPAYERS’ – DOHERTY was last modified: February 7th, 2013 by BrendaShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:’GOVERNMENT DEBT DEAL ON ANGLO WILL DOUBLE COST TO TAXPAYERS’ – DOHERTYlast_img

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