Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-12-15-Speech-1-206-000"
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"en.20141215.19.1-206-000"2
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"Mr President, before the end of this year, the Governor of the Irish Central Bank will sell a sovereign bond worth EUR 500 million, and then he will immediately destroy that money. I do not know if he will press a button or light a flame, but EUR 500 million will vanish. The Irish people will immediately start to pay interest on the disappeared EUR 500 million and in 24 years’ time will still have to repay the EUR 500 million to the bondholders.
But this is not a once-off. For the next five years, we destroy EUR 500 million per year; for the next five years after that, we destroy EUR 1 billion per year; and for the next eight years, we destroy EUR 2 billion per year. We pay the interest and the principal to the tune of approximately EUR 80 billion to bail out a failed, insolvent bank. And why? At the time, we did it to prevent contagion in the EU banking system. They were desperate times, and desperate measures were called for. But those times have passed.
We in Ireland are drowning in debt, with our debt-to-GNP ratio at approximately 150%. This illegal, odious bank debt must be dealt with and lifted from the shoulders of 4.5 million Irish citizens."@en1
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