29/11/2010
Irish Bailout Branded Appalling 'Sell Out'
The opposition parties have termed the €85 billion bailout from the EU a "national sell out" and an "appalling deal".
The Government have been leveled with a swathe of criticism after releasing the details of the bailout, which will see Ireland paying a 5.8% interest rate on the huge loan, despite winning an a limited extension to 2015 before needing to return to a deficit level of 3% of GDP.
Sinn Féin President Gerry Adams (pictured) said the Government had negotiated a "terrible deal"and commented: "The 5.8% interest rate is unaffordable. The decision to force the state to take €17.5 billion out of the Pensions Reserve Fund to pour into black hole that is our banking system is a disaster.
"Sinn Féin had proposed €7 billion be taken from the Pension Reserve Fund for a jobs stimulus programme. The Government refused to do this. But now they are prepared to rob the pension fund to give a digout to the bankers."
Also, yesterday, Labour Leader Eamon Gilmore said the deal announced yesterday evening was a "national sell out" that would leave the citizens of Ireland with a "crippling level of debt" for years to come.
"The rate of interest accepted by Fianna Fail is penal and is significantly in excess of the rate that Greece was required to pay. The Irish people will now have to come up with annual interests payments amounting to billions of Euro."
Meanwhile, the response from Fine Gael was no less derisive, with the party's Finance Spokesman Michael Noonan describing the outcome as "a hugely disappointing result for the country".
"It's hard to imagine how this deal could have been much worse. People are right to feel frightened, and worried about the future, when our own Government has sold out the country on such lousy terms."
Mr Noonan added that the Government was "cleaned out" in the negotiations and had not acted in the best interests of Ireland.
"At the very least we could have expected a low rate of interest on the loans, EU agreement on a jobs and growth package, and agreement to share the cost of rescuing the banks with the bond holders. The Government came away with none of these."
Speaking yesterday after emerging from negotiations in Brussels, Brian Lenihan said the financial assistance offered to Ireland to deal with the economic crisis was on the same terms as assistance offered to Greece.
He claimed the interest rate to be paid by Ireland is only proportionately higher due to the extra length of time the money is being borrowed.
(DW/BMcC)
The Government have been leveled with a swathe of criticism after releasing the details of the bailout, which will see Ireland paying a 5.8% interest rate on the huge loan, despite winning an a limited extension to 2015 before needing to return to a deficit level of 3% of GDP.
Sinn Féin President Gerry Adams (pictured) said the Government had negotiated a "terrible deal"and commented: "The 5.8% interest rate is unaffordable. The decision to force the state to take €17.5 billion out of the Pensions Reserve Fund to pour into black hole that is our banking system is a disaster.
"Sinn Féin had proposed €7 billion be taken from the Pension Reserve Fund for a jobs stimulus programme. The Government refused to do this. But now they are prepared to rob the pension fund to give a digout to the bankers."
Also, yesterday, Labour Leader Eamon Gilmore said the deal announced yesterday evening was a "national sell out" that would leave the citizens of Ireland with a "crippling level of debt" for years to come.
"The rate of interest accepted by Fianna Fail is penal and is significantly in excess of the rate that Greece was required to pay. The Irish people will now have to come up with annual interests payments amounting to billions of Euro."
Meanwhile, the response from Fine Gael was no less derisive, with the party's Finance Spokesman Michael Noonan describing the outcome as "a hugely disappointing result for the country".
"It's hard to imagine how this deal could have been much worse. People are right to feel frightened, and worried about the future, when our own Government has sold out the country on such lousy terms."
Mr Noonan added that the Government was "cleaned out" in the negotiations and had not acted in the best interests of Ireland.
"At the very least we could have expected a low rate of interest on the loans, EU agreement on a jobs and growth package, and agreement to share the cost of rescuing the banks with the bond holders. The Government came away with none of these."
Speaking yesterday after emerging from negotiations in Brussels, Brian Lenihan said the financial assistance offered to Ireland to deal with the economic crisis was on the same terms as assistance offered to Greece.
He claimed the interest rate to be paid by Ireland is only proportionately higher due to the extra length of time the money is being borrowed.
(DW/BMcC)
Related Northern Ireland News Stories
Click here for the latest headlines.
21 February 2024
Irish Govt Commits To Invest €800m In Northern Ireland
The announcement of an €800 million (£685m) investment in Northern Ireland by the Irish Government has been welcomed as a "significant contribution" by Finance Minister, Dr Caoimhe Archibald MLA.
Irish Govt Commits To Invest €800m In Northern Ireland
The announcement of an €800 million (£685m) investment in Northern Ireland by the Irish Government has been welcomed as a "significant contribution" by Finance Minister, Dr Caoimhe Archibald MLA.
08 February 2024
Online Business Ideas Gaining Traction In Northern Ireland
Are you looking for a new business venture that can be operated from the comfort of your own home? The rise of the internet has provided countless opportunities to start an online business and reach customers from all over the world.
Online Business Ideas Gaining Traction In Northern Ireland
Are you looking for a new business venture that can be operated from the comfort of your own home? The rise of the internet has provided countless opportunities to start an online business and reach customers from all over the world.
29 January 2024
The Ultimate Guide To Bingo Halls In Northern Ireland
Bingo, a game that has been a staple in Northern Ireland's entertainment scene for decades, continues to capture the hearts of enthusiasts across the region. In recent years, there has been a notable rise in bingo hall attendances, and some attribute this surge to the growing popularity and accessibility of bingo sites.
The Ultimate Guide To Bingo Halls In Northern Ireland
Bingo, a game that has been a staple in Northern Ireland's entertainment scene for decades, continues to capture the hearts of enthusiasts across the region. In recent years, there has been a notable rise in bingo hall attendances, and some attribute this surge to the growing popularity and accessibility of bingo sites.
06 February 2024
Naomi Long Re-Elected As Justice Minister For Northern Ireland
Alliance Party leader Naomi Long has been re-elected as Justice Minister for Northern Ireland, following a cross community vote in the Assembly. Minister Long previously held the Justice portfolio from January 2020 to October 2022.
Naomi Long Re-Elected As Justice Minister For Northern Ireland
Alliance Party leader Naomi Long has been re-elected as Justice Minister for Northern Ireland, following a cross community vote in the Assembly. Minister Long previously held the Justice portfolio from January 2020 to October 2022.
08 March 2024
Man Wanted In Ireland On Drug Offences Arrested In South Belfast
A 59-year-old man wanted in the Republic of Ireland has been arrested in south Belfast by the PSNI's International Policing Unit. Wanted to stand trial for drugs offences that occurred in the Kilkenny area in 2012.
Man Wanted In Ireland On Drug Offences Arrested In South Belfast
A 59-year-old man wanted in the Republic of Ireland has been arrested in south Belfast by the PSNI's International Policing Unit. Wanted to stand trial for drugs offences that occurred in the Kilkenny area in 2012.
-
Northern Ireland WeatherToday:Mainly dry this morning with sunny spells then scattered showers breaking out this afternoon. A chilly start then feeling warmer in afternoon sunshine. Light southerly winds. Maximum temperature 11 °C.Tonight:Any showers at first soon dying out. Then dry overnight with clear periods and turning chilly with a touch of frost later tonight. Minimum temperature 1 °C.