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3 July 2012

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‘Bail-outs to the financial vampires of banking must end’ – Sinn Féin MEP

'We need investment in jobs to generate economic growth and assist in deficit reduction'

THE failed policy of austerity “and bail-outs to the financial vampires of banking who sucked the lifeblood from our economies needs to end”, Sinn Féin MEP Martina Anderson has said in Strasbourg.

The Irish MEP was speaking after the European Parliament debate on the conclusions of last week’s European Council summit hailed by Taoiseach Enda Kenny.

Martina Anderson said at the EU Parliament on Tuesday:

“While Sinn Féin welcomes any increase in investment in job creation and reduction in the cost of the debt burden, the measures announced following last week’s summit does not instill confidence that the European Council is serious about growth.”

She said that austerity remains a key pillar of the EU’s approach to the crisis with only €10billion of new investment agreed.

“Yet the EU continues to pour billions into banks that are still largely unregulated and are gathering billions in personal wealth for individuals who store it far from the reach of the public purse.

“The failed policy of austerity and bail-outs to the financial vampires of banking who sucked the lifeblood from our economies needs to end.”

The Sinn Féin MEP said that EU member states need greater flexibility so that they can implement policies suited to their specific economies.

“We need investment in jobs to generate economic growth and assist in deficit reduction, and we need debt reduction to enable indebted member states to return to the markets at normal rates. The proposals coming out of last week’s EU Council summit do not adequately address these needs.”

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