Vote Against IMF/EU/ECB Bailout

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Here is the text of a message sent to all TDs ahead of the Dail debate on the IMF/EU/ECB rescue package on 15th December. This debate lasted two hours and the package was approved by 81 votes to 75.

I would ask you to reject the IMF/EU bale out in the vote on Wednesday on the following grounds:

- Our debt crisis cannot be solved by increasing our national debt.

- Our deep recession cannot be reversed by reducing economic activity.

Please note that the €85 billion rescue package includes €17.5 billion of our own money and up to €35 billion could end up being used to "rescue" major continental banks and the ECB.

It appears to me (and many experts) that Ireland will default sooner or later as the bale out terms are too onerous and growth projections are unrealistic. So, lets nip the problem in the bud as delay will only make matters much worse.

If the bale out is rejected by the Dail, the worst that can happen is that the terms will have to be renegotiated to slash the composite interest rate and restructure senior bank debt. To facilitate the latter, a clear distinction must be made between sovereign and bank debt.

Finally, this is one of the most important votes ever taken in the Dail and I would urge you to vote in the national interest rather than on party lines.

Click the Continue Reading link below to see replies received (as at 21st December):

Dick Roche:
Thanks for your e-mail. I respect your views but simply cannot agree with them. Default is not an option we should consider. Unilateral default is not a unilateral runner for any Euro zone state. The IMF in a recent paper suggests that default in an advanced economy is unnecessary & undesirable. Trichet & ECB take a similar view.
'Burn the bond holders' as advocated by some in the opposition & the Irish media is a handy headline but a v dangerous idea. I will be posting a note on me website on the matter on Wed or Thurs next & would welcome your views on that.

Martin Ferris:
Myself and the other SF TDs will be voting against the IMF programme. We were in the process of taking a constitutional action to force them to do so and I would hope that all who are opposed to it, including FF backbenchers, would follow their conscience and the wishes of their electorate and vote accordingly.

Arthur Morgan:
Thank  you  for  your representation regarding the EU/IMF bailout vote that
the  Government  has  announced will be taking place next week. We, in Sinn
Féin,  fully share in the opposition to the mismanagement of the economy in
the  form  of  targeted  cuts to the most vulnerable sections of society in
these  hard  times,  that  only  serve to indebt and reduce the standard of
living  for  generations  to  come.  This  bailout  will not help the Irish
people,  it  will  tie  them to a colossal debt burden for decades to come.
That is why Sinn Féin will oppose this bailout.

An EU/IMF bail-out will not be a bail-out for the Irish people. It will not
secure social welfare, or nurses' wages, or the provision of education. It
will be money provided for the government to pursue its current banking

The decision to make Ireland's citizens pay for the recklessness of the
State's bankers is entirely a political one. There is no economic
imperative that says that the bondholders cannot be burnt and that
taxpayers must carry the burden; this is a political decision being imposed
by the ECB and IMF.

Liz McManus:
The Labour Party will be voting against the motion on Wednesday.

Caoimhghin O'Caolain:
Thank you for your email. I wish to advise that last week, my solicitors contacted the Chief State Solicitor on my behalf advising them of my intention to pursue a court challenge in the event that the EU-IMF agreement was not put before the Dáil as required under Article 29.5 of the Constitution.  A copy of the letter is attached for your information. It appears that the prospect of another successful Sinn Féin court challenge, following on from my colleague Pearse Doherty TD (then Senator)'s action to compel the long-delayed holding of the Donegal South West by-election, was too much for this Government to bear.

Rest assured that Sinn Féin will vote against the agreement and will do our utmost to persuade our Dáil colleagues to join us.

Jan O'Sullivan:
Thanks very much for your e-mail.  We in the Labour Party will be voting
against the "bail-out" because we believe it is a very bad deal for the
people of Ireland.  We should not be held responsible for the debts of the
banks as well as the debts of the country and those two need to be
separated.  We also believe that the interest rate agreed is far too high.

We will go back to the EU, IMF and EMU and look for a different deal if and
when we are in Government.  Ireland needs a plan to work our way out of the
desperate state the Fianna F�il-led Government has brought us to but it
will not work if all of the debt of the banks is saddled around the neck of
the Irish tax-payer, Thanks for taking the time to contact me and you can
be assured that I and my Labour colleagues will vote against the "bail-out"
this week,

Michael D Higgins: 
My colleagues in the Labour Party and I will be voting against the bailout motion this week.

You may be assured that all of us in the Labour Party will continue to vote and campaign against the draconian and unfair cuts in the Social Welfare Bill, just as we have voted against all the discriminatory and regressive cuts in the budget thus far, as well as continuing our opposition to the cruel and economically illiterate cutting of the minimum wage by eleven per cent. Further, we will do everything we can to defend those persons who are now in extremely vulnerable positions as a result of the budget and the four/five year plan which Fianna Fail agreed with the IMF and ECB.

I agree with you that the government has failed utterly to address the needs of those who put them in power and that there must be an election as soon as possible.

I look forward to a speedy election in order that we as a nation and society are afforded the opportunity to drive out of power this utterly discredited and inept government. Any Labour-led government would have as its focus the protection of the Irish people and not those bankers and speculators who have done so much damage to our country.

I have attached a link to the Labour party's proposed budget alternative which, we believe, would better address the many challenges we face today and would work to protect the poorest in society from having to suffer because of the failures of the current government, as well as my own speech on Budget 2011, which I gave in the Dáil last Thursday.

Sean Barrett:
Fine Gael will be voting against the IMF/ECB Agreement this week in the Dáil.

Shane McEntee:
I will be voting against the motion on the bail out package.

Fine Gael think it was a bad deal, and while its targets and most of the provisions for 2011 cannot be renegotiated, we have assurances from both the IMF and the European Commission that the ways and means of reaching the targets can be renegotiated for the next 3 budgets.

Noel Grealish:
Thank you for your e-mail.  I will not be voting for the Bailout in the
Dáil today.

Aengus OSnodaigh:
Thanks for your email.  I will be protesting and voting against the so-called 'bailout' today.  For your information I am pasting a press statement below issued by my party's Dáil leader today.

Brian O'Shea:
Thank you for your e-mail and I note your concerns about the EU/IMF bailout agreement and I am writing to let you know that the Labour Party strongly oppose this deal and have today voted against the government's motion seeking approval for the Agreement in the Dáil today.

We believe that this deal copper fastens the mistake that is the blanket bank guarantee, which allowed the losses of the banks to bring about a sovereign debt crisis. The Labour party stood alone in September 2008 in opposing that guarantee on the basis that it gave a blank cheque to the banks.

The deal provides no means for Ireland to renegotiate with the bondholders who lent irresponsibly to our banks and it therefore places the entire burden of the banking collapse on the Irish people. This burden is simply too great to carry without further austerity that depresses our economy and damages our society.

We strongly oppose, a Government in its final days, negotiating a four year financial rescue package that it is not going to be in place to implement.  What is most important right now is the need for a new Government with a mandate to renegotiate the terms of this agreement and the sooner we have a general election the better.

Eamon Gilmore:
I attach copy of statement and speech which I made in response to the EU/IMF deal.  

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This page contains a single entry by Brian published on December 19, 2010 11:57 AM.

IMF/ECB/EU Bailout was the previous entry in this blog.

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