Anglo: When will the madness end?

Government pouring billions into "basket-case" bank

The President of the Workers’ Party Michael Finnegan has said that the people of Ireland have a right to know at what point the government will stop pouring money into Anglo-Irish Bank.

 "This madness cannot continue", said Mr. Finnegan in reaction to the news that Anglo Irish Bank had created another Irish Corporate milestone in recording an €8.4 billion loss over a six-month period.

 "Anglo Irish Bank is proving an intolerable burden on the Irish economy and Ireland's hard pressed taxpayers. Its direct cost has already exceeded the government’s own worst-case scenario of €24 billion and now seems certain to top €35 billion. In international terms this is a huge amount of money. In national terms this amount is truly frightening”.

 Mr. Finnegan said that there must be a point beyond which the government will not go.   “There must be a cut-off point and Minister Brian Lenihan should put his cards on the table and say what that cut-off point is. The government has already brought this country and its people to the point of financial ruin in order to save Anglo and other basket-case banks. Are they prepared to drag us all further down that road until this country is an economically bankrupt backwater plagued by hyperinflation or is someone prepared to shout ‘stop’?”

 "The bank-led crisis in this country has forced thousands of citizens into massive debt. In the last year alone hundreds of citizens ended up in jail for non-payment of debt. At the same time the powerful banking elite which is costing this country twenty five thousand million Euro are swanning about the hot-spots of Europe. When will the madness end?" concluded Mr Finnegan.

Issued 31st August 2010

Peace, Work, Democracy & Class Politics