Statement on Debt

Communist Party of Ireland 
3 October 2016

Reports in the media confirm that the Irish state has paid more than €40 billion (€40,000,000,000) in interest payments on the state’s bank bail-out in the last five years. These interest payments are almost the same as the bank bail-out itself. This confirms what the Communist Party of Ireland has been saying since the banks were bailed out. 
     This debt is not the people’s debt, and we should not pay it. It should be repudiated as an unjust and an odious debt. 
     We have also argued that the global finance houses and financial speculators want the debt serviced as it secures for them vast fortunes, which are made from interest charges alone, profits made on the backs of working people. 
     It confirms that debt repayment and debt servicing are the central concern of the subservient Irish establishment. The people’s needs and interests are not the priority. 
     Ireland cannot be a sovereign independent country as long as they are in charge.