Press Release: The People’s Movement Launch Campaign for a No Vote

national | eu | press release

Thursday May 17, 2012 16:25

by People's Movement

The People’s Movement launched their campaign for a No Vote in the upcoming Fiscal Treaty at a press conference today in the Shelbourne Hotel, Dublin.

Speaking at the launch, Thomas Pringle TD outlined the inadequacy of the European Stability Mechanism (ESM), saying it would “sign-up the Irish people to the biggest socialisation of bank debt across Europe. Article 15 of the ESM states that ‘The ESM may decide to grant loans for the specific purpose of recapitalisation of the financial institutions of the ESM member’. Why the Government wants to sign us up to the biggest socialisation of bank debt across Europe is a mystery to me.”

The ESM Bill which was published last week, in effect, legalises our bank guarantee in Europe. If a member needs to recapitalise their banks, the funding will be lent to the member state and paid on to the bank – therefore the banking debt becomes the taxpayer debt.

Adding further, Deputy Pringle said “As it stands, the ESM could, if Ireland were to be subject to it, call on Ireland to make contributions of up to €11.1 billion in various forms of capital. In effect, it the ESM can direct the State to raise sovereign debt, give the money so raised to it and can decide where, when, whether and how it is spent. This is utterly nonsensical.”

Mick O'Reilly of Dublin Trades Council also spoke, saying the Government is not trying to frighten people in the referendum, but rather has stepped up a gear and is trying to terrify them.

Luke ‘Ming’ Flanagan TD criticised the government’s subjective information leaflet which subtly suggest voting yes by insinuating there is only one way, adding “if I had not read anything else, I would be tempted to vote yes but thankfully I have.” Former MEP, Patricia McKenna and Robert Ballagh were both in agreement with Deputy Flanagan with Ballagh calling on the government to “withdraw this duplicitous document.”

Over the next two weeks, the People’s Movement will embark on a national campaign for a no vote consisting of; a series of public meetings across the country, the distribution of 120,000 newspapers and 500,000 leaflets.

The People's Movement campaigns against any measures that further develop the EU into a federal super-state and works to defend and enhance popular sovereignty, democracy and social justice in Ireland.