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THE TECHNICAL GROUP has called on the Government to rethink the prospect of a European Debt Conference.
Group whip Catherine Murphy has tabled a Private Members’ motion calling on Fine Gael and Labour to support such a meeting.
In the document, Murphy and several other independent and Sinn Féin TDs note that the financial crisis “highlighted the deviation from the founding principles and values of the European Union, such as solidarity and mutual respect amongst nations”.
The motion describes Ireland as “a casualty of timing”, adding that the socialisation of private banking debts amounted to “sacrificing the social and economic interests of Irish citizen”.
Speaking at the launch of the motion, Murphy said the country’s debt burden has caused “lack of fiscal expansion and lack of investment” that needs to be addressed.
We have so often heard promises of a ‘game changer’, well here is the opportunity … This is an unprecedented moment whereby we can tackle the debt crisis head on while there is a momentum across Europe to discuss debt and it’s wider issues.
“That the Irish Government have not joined in calls for a European Debt Conference just does not make sense. Surely, if we’ve learned any lessons from the bank guarantee it is that public inclusion and involvement in vital matters that affect their lives is vital. This is a public matter, it is not a private matter for Government and that should be respected.”
TCD Finance Professor Brian Lucey said that a Europe-wide debt conference is “a political, social and economic no-brainer”.
You cannot dig yourself out of a hole. It’s is time to put the moralising aside and start looking at solutions.
Michael Taft, from Unite trade union, described such a conference as “imperative” as the high level of Irish debt has a “massive impact on the daily lives of citizens”.
The motion will be debated in the Dáil tonight and tomorrow night.
New Greek prime minister Alexis Tsipras was first to propose the idea.
Both Finance Minister Michael Noonan and Social Protection Minister Joan Burton initially indicated support for the idea, but Enda Kenny was less keen.
The Taosieach told the Dáil that such issues will be debated at Eurogroup and Ecofin meetings by European finance and economic ministers.
Kenny said he wished Tsipras and his government “well in the challenge that they face”.
Yesterday, Tsipras announced that his government would be making proposals for “a menu of debt swaps” that would avoid the need for any of the country’s €315 billion mountain of foreign debt to be written off.
The move would involve the issuing of two new types of bonds. One would be linked to nominal economic growth to refinance European rescue loans, and the other would be “perpetual bonds” that would replace Greek bonds owned by the European Central Bank.
This approach would avoid creditors having to take a ‘haircut’ on the Greek debt, an outcome that is fiercely opposed by several EU countries led by Germany.
Given the painful regime of spending cuts that had to be endured by Irish people, the country will be watching the outcome of any such proposal with great interest.
Additional reporting: AFP
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No mention of middle lane hoggers? Merge onto motorway, move straight to middle lane, stay there. ( I know it’s probably just m50 with 3 lanes).
@Niall Dunleavy: The article does mention middle lane Hoggeston Niall. It’s rampant!
And than there are: fog lights on a sunny day, no lights on a overcast, rainy or even foggy day or after sundown.
Correct use of the motorway requires knowledge of the rules of the road in the first place and in second place some road engineering expertise. The most blatant and stupid violations of the rules of the road are: the right of way rules which absolutely no-one and that includes the poor excuses for rule enforcers ( the guards), parking on zebra crossings, parking on corners, bullying with the car as a weapon, ridiculously engineered round about a an junctions, and last but by no means least the absolute ignorance and sheer bad attitude and lack of consideration for other road users especially cyclists and pedestrians.
And where in the rule book does it say that putting on your hazard lights gives you the god given right to double park, illegally park or just block the road?
If people were to drive correctly there would be very traffic issues on the M50.
Putting on your indicator by the way, does not give you the right of way. If you hit another vehicle already in that lane you are cutting into, you are at fault.
@mr non snowflake: snowflake
@mr non snowflake: you are at fault? According to whom the guy with the biggest mouth? The best lier, the cutest solicitor? When no one knows the rules including the so called law enforcers than the one at fault is always the one with the who is the least assertive.
Overtaking on the Motorway, then pulling right in front of you as they lose their nerve, forcing you to drop back to safe distance. Happens constantly ;-(
have your say