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Repudiate the debt, instead of cutting services for the sick and the poor

category national | worker & community struggles and protests | press release author Thursday August 30, 2012 21:34author by Eugene Mc Cartan - Communist Party of Irelandauthor email cpoi at eircom dot netauthor address James Connolly House, 43 East Essex Street, Temple Bar, Dublin phone 087 9733414 Report this post to the editors

Press Release


Press statement

Repudiate the debt, instead of cutting services for the sick and the poor

29 August 2012

The announcement by the HSE—which in fact is a Government decision—that another €130 million in spending will be cut is a direct result of the forced “bail-out.” As its statement makes clear, the HSE “has been set clearly defined budget targets by both the Troika and Government.” This is nothing more than a direct attack on the elderly, the sick, and the poor.

This year alone the government will hand over to international bankers and wealthy individuals nearly €5 billion in servicing the socialised corporate debt, a debt that is not the people’s debt nor their responsibility. The elderly, the sick and the poor are paying a heavy price.

The government are sacrificing our people and the services they rely upon to feed the avaricious greed of international finance capital. We need a change of direction and a new departure from the current failed economic and social strategy, one that will put the people first.

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author by leftypublication date Fri Aug 31, 2012 02:20author address author phone Report this post to the editors

That money could totally be covered (plus a surplus by the difference in interest rates between that due on the recent ridiculously large amount of money borrowed on the strength of soverign bonds by the NTMA at over 6% (5,800,000,000) and the going ECB rate (3%) under the current program

The NTMA borrowed this 5.8 billion at > 6% interest because "it's important for our soverignty to be seen getting back borrowing from the market" even though money is available at 3% currently from the ECB

Well that may very well be true but they could have just as easily sold maybe just 1 billion of bonds to "put their toe in the water". Why a whole 5.8 billion?? One suspects either basic mathematical innumeracy regarding percentages, callous disregard for the poor people whose livelihoods they are juggling and whose taxes they are spending, or maybe even corrupt sweet deals with big private capitalists in a zero or negative interest world. "Don't worry, the stupid Irish taxpayers will cover you at 6% interest".

so that 130 million cut to medical services could have been totally avoided if the NTMA just didn't borrow that much money at 6% and instead borrowed it from the ECB fund at 3% if they needed it, and thus saved the over 3% interest on 5.8 billion which comes to about 174 million.

174 million euro gone in a puff of smoke on a stupid political stroke which means nothing except for a few brief headlines in the newspapers.

But money which sick people in Ireland will be paying for for a long time to come with their health and maybe even their lives in some cases on long waiting lists etc.

Because like it or not, there is a direct link between financial crimes causing the loss of large amounts of public funds and people's deaths as a result of poor public health services or road maintenance etc etc. The sooner the Irish public start to link these two things and demand appropriate swift punishment for politicians and their financial terrorist and bankster friends the better.

This kind of political arrogance and hubris must end. The people behind these policies and stupid politically motivated financial decisions are irresponsible, have lost touch with reality and are not fit to hold public office.


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