Sean Conlan welcomes news of an imminent deal on postponing bailout payments – 06/03/13

Deputy Sean Conlan has welcomed news of an imminent deal on postponing payments, by up to 15 years on the €40 billion bailout loan given to the country by the EU in 2010, as a tremendous assistance in restoring the fortunes of the Economy and those affected by it. EU Finance Ministers met on Tuesday, to discuss the matter and while not yet agreed, a senior source has been described as being “cautiously optimistic ” that the deal will be secured.

The Deputy added that this is another strand in a process being diligently conducted by The Minister for Finance, Michael Noonan to restore the financial fortunes of the country and its citizens. The Minister has held his council, refused to be drawn into damaging condemnation of European Counterparts and has consistently maintained negotiations with a view to restoring the sovereignty of the Nation and the prosperity of its people. For this he deserves great credit, as these achievements have been secured against a background of derision being heaped on his efforts by opposition parties, some of who caused the problem in the first place and others who have called for an introspective approach of walking away from the debt and bringing the country and all within it to their knees.

“The plan which will be restricted to Ireland and Portugal is indicative of the progress made in seeking to exit the bailout and to that end, securing the essential economic circumstances required to sustain a market re-entry. This deal is another major milestone in achieving the restoration of our sovereignty, in alleviating the pain being suffered by so many of our people and in restoring the dignity of many by growing the economy in order that we will see significant falls in unemployment consistently over the coming months and years”.

The Deputy added, “By postponing the payments of these huge sums for such a long duration, the impact of them on the country’s finances will be greatly eroded by inflationary trends and it will provide the Government at this time with the capacity to make the essential investments required to get the people back to work and to grow the economy.

“The delivery of this postponement arrangement, if secured” said the Deputy, “will be an enormous achievement and something which was not within the realms of possibility only a short time ago. Progress is being made and the impact of this progress is being seen. The unemployment situation has been tackled and the upward spiral has been arrested with consistent reductions month on month now being recorded, exports are breaking all previous records, spending targets are being achieved, the promissory note deal has been secured and it now appears that the bailout re payments are about to be postponed”.

“This progress has been secured because this Government has been successful in addressing previously accumulated imbalances in the economy, has created confidence internationally through meeting targets set and has achieved this despite extremely challenging circumstances prevailing both nationally and internationally, with some of the strongest economies in the world struggling to balance their budgets. They have been secured because this Government has remained strongly committed to completing the programme, planned to deliver this country from the economic abyss into which it was led by the previous Fianna Fail led Government, a party who only last week on becoming aware that there was a billion less to be repaid, wanted to go out and party all over again, proving that they have learned nothing from their calamitous mistakes”.