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Frank-Walter Steinmeier, the parliamentary head of Germany's SPD, opposes giving banks direct access to the ESM. Markus Schreiber/AP

Greens tell Gilmore: 'You'll need to convince German allies on bank deal'

The Green Party points out that Labour’s sister party in Germany is opposed to letting banks borrow straight from the ESM.

THE GREEN PARTY has urged Tánaiste Eamon Gilmore to engage with Labour’s sister party in Germany to discuss its stance on Ireland’s banking debts, after its leader vocally opposed the splitting of banking and sovereign debts.

Frank-Walter Steinmeier, the parliamentary leader of the Social Democrats (SPD) – which, along with Labour, is a member of the Party of European Socialists – told the Bundestag last week that he would not support giving banks permanent and independent access to the new EU bailout fund, the ESM.

“The rescue of banks with the help of the ESM must not become a permanent solution,” Steinmeier said.

“There will be no direct way from the rescue package for Spanish banks to a permanent recapitalisation of distressed banks – not with the Social Democrats.”

The comments came during a debate on whether Germany should back the €100 billion bailout for Spain’s banking sector – in which 14 of the SPD’s 146 MPs, who form the largest opposition bloc to Angela Merkel’s government, voted against Germany’s contribution to the Spanish loan.

Today Green Party leader Eamon Ryan said Gilmore should seek to follow the lead of the Irish and German Greens, who had held a series of meetings to establish a common policy position” helping Ireland to escape the current crisis.

“He needs to be clear about what his colleagues are saying to him about a possible Irish debt deal,” Ryan said.

“Up to now the main problem in the German Parliament came from Government members adopting simple nationalist solutions to the crisis.  The real problem now is that such populist thinking is taking hold among the Social Democrats.”

Ryan said that while Green parties through the continent had a unified opinion on whether banking debts should be separated from sovereign ones, both the centre-right Christian Democrats – including Fine Gael and Angela Merkel’s CDU – and the centre-left socialist group had no such common platform.

Gilmore has today began a five-day trade mission to East Africa, with destinations in Uganda and Kenya.

Read: No split between banks and sovereign – for now – as Spain secures bailout

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    Mute 9QRixo8H
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    Jun 9th 2024, 3:30 PM

    If immigration was apparently the top issue, and the single-issue far-right anti-immigrant parties couldn’t even get seats, then there is no hope for them lol. The current govt who have been overseeing the migration “issue” is reelected. This echo chamber won’t be happy and clearly doesn’t reflect the rest of the nation.

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    Mute M To The B
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    Jun 9th 2024, 4:44 PM

    @9QRixo8H: these people predominately exist on social media and are based on foreign soil. They absolutely do not represent the views of the vast majority of Irish people

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    Mute Stiles
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    Jun 9th 2024, 6:36 PM

    ming has worked tirelessly to call out hypocrisy corruption and general BS since he started in his career.. he is one of the most honest politicians I’ve ever come across.. he actually wants to improve our country.. most politicians are just spouting about whatever topical soundbites are currently fashionable to have an opinion on, while behind the scenes being only interested in lining their pockets.. this man is the real deal.. just my opinion..

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    Mute John finn
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    Jun 9th 2024, 6:54 PM

    @Stiles: thanks. You made me laugh. See you in 5 years time ming

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    Mute Oh Mammy
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    Jun 9th 2024, 3:33 PM

    Brendan, the extreme left hypocrite, speaking for the Irish people. How many votes did you win?

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    Mute Brendan O'Brien
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    Jun 9th 2024, 3:37 PM

    @Oh Mammy: The Irish people spoke for themselves yesterday, and I am not ‘extreme left’.

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    Mute 9QRixo8H
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    Jun 9th 2024, 3:40 PM

    @Oh Mammy: Think he supports FFG, who have topped the polls. How many votes did your far right parties get? You’ve all been very quiet licking those wounds.

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    Mute Éamonn OKane
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    Jun 9th 2024, 4:08 PM

    @Oh Mammy: you need her, time for your bottle

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    Mute Hibernicus
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    Jun 9th 2024, 2:50 PM

    None the wiser, then!

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    Mute tom mitchell
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    Jun 9th 2024, 3:11 PM

    Surely away to digitalize the vote for 2042 elections

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    Mute Adam O'Sullivan
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    Jun 9th 2024, 3:14 PM

    @tom mitchell: There is, but they’ve been sitting in a barn for 20 odd years!

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    Mute Padraig O'Brien
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    Jun 9th 2024, 4:52 PM

    At least he called out the agribusiness lobby. On a radio discussion some idiot tried to raise the “derogation issue.
    Ming pointed out that it affected some 300 farmers in the constituency out of 13,000 and asked why it should be discussed.
    No. 1 for me!

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    Mute Ronan Mc
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    Jun 9th 2024, 5:10 PM

    Bring in e-voting for these huge constituencies. Only fair way to do it.

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    Mute Sean O'Dhubhghaill
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    Jun 9th 2024, 4:29 PM
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    Mute Sean O'Dhubhghaill
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    Jun 9th 2024, 4:33 PM

    @Sean O’Dhubhghaill: https://euandi.eu/en/survey/european-elections.html
    This is a better link

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