Sinn Féin finance spokesperson, Pearse Doherty TD, commenting on the latest revelations from the Irish Independent about the Anglo Irish Banks’ executives taped telephone conversations, says Fianna Fáil must now explain why they made the decisions they did on the bank bailout.
“The latest revelations beg the question that everyone is asking: why did the Fianna Fáil-Green Party government persist with bailing out bondholders when even the the executives of this bust bank, Anglo Irish, were suggesting burning them?
“Sinn Féin, at the time, was calling repeatedly for the government to step up and save the taxpayers from the burden of this debt, but was being accused of engaging in “fairytale” economics. This week the EU adopted the burning of bondholders as the default position to take when banks fail.
“Even David Drumm was preparing to burn bondholders to the tune of €9 billion, which we must remember would account for the cuts imposed on working people in three austerity budgets. It is time for Micheál Martin to explain how, while he was in cabinet, the Fianna Fáil-Green government persisted in bailing out the bondholders. And, the current government, which pledged “not another red cent” for Anglo bondholders before the election have not protected the citizens from this crisis caused by the likes of the men we hear on these tapes and those who gambled with them.”