Wednesday, 8 December 2010

The Irish Budget: My letter to to-day's Independent.

Your report on Ireland's severity budget ("More misery for Ireland as brutal cuts revealed", 8 December) falls into the trap of describing the emergency €85 billion IMF / EU package as a bail-out of the Irish Republic. Surely everyone can see the package for what it is: a bail-out of the European institutions that recklessly invested in Ireland's property bubble. Far from rescuing Ireland the package has turned her people into indentured servants. Ireland must endure tax increases, social welfare cuts, reductions to vital public services so that European bond holders do not suffer losses on speculative investments. Only the debt saddled on Irish taxpayers is far too high to be paid off by the current generation, insitutional investors will eventually have to take a fair share of the losses if we are to avoid weighing future generations of Irish taxpayers down with this burden.

Noel Lynch,
Chair, London Green Party

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