REPUDIATE THE DEBT CAMPAIGN: Pre-Budget Debt Protest
Tuesday 06 December 2011, 10am
Over the next two days the Government will announce its budgetary strategy, which will include more than €3.5 billion in cuts in spending on health, welfare, education and many other areas.
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But they will not address or deal with the elephant in the room: the unjust, socialised corporate debt that the previous government socialised and put on the backs of the Irish people, a policy that has been followed by the present coalition Government.
This socialised corporate debt has already cost our people billions of euros. They agreed with the state taking full responsibility for €70 billion in bank bond debt, which, when and if it is ever paid, will cost the Irish people €100 billion at a minimum.
The Government claim that they need to make budget savings over the next four years of €12.4 billion. This is simply untrue: the total adjustment and the aggregate total for the next four years is €33.9 billion. This figure is much less than the €55 billion that will be handed over in the same period to bank bond-holders.
The billions in public spending cuts are dwarfed by the billions to be paid out to bond-holders: €20 billion in 2012, €17 billion in 2013, €25 billion in 2014. This is a strategy for a massive transfer of wealth from the Irish people to foreign banks, finance houses, and individuals.