Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-02-02-Speech-3-304-000"
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"en.20110202.20.3-304-000"2
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"Madam President, as an Irish MEP I am asking the EU to deal equitably with an impossible financial situation in Ireland.
Yes, we have to take responsibility for our many failures, but we did not act alone. Casino-type investments from many countries flooded into Irish banks. They have collapsed like a house of cards and Irish taxpayers are shouldering an unbearable burden.
We pay a punitive interest rate of 5.8%, and our ability to repay, signed off in a four-year austerity plan by the EU, is predicated on growth, but that growth cannot happen. Why? Unemployment is increasing even as emigration is rocketing. Businesses are collapsing, and for the fourth consecutive year our GNP has decreased.
And, as the ECB funnels EUR 132 billion in the front door of Irish banks, EUR 110 billion has fled out the back door of those same banks in 2010; EUR 40 billion in December 2010.
The situation is fast becoming untenable and if, as President Barroso said, Europe is part of the solution, serious action is needed now."@en1
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