The final push

ICTU National Day of Action

the fact remains that 1.8 million people cannot sustain a bank debt of this magnitude, even over an extended period.”

Ictu general secretary David Begg in today’s Irish Times.

While there’s lots of positive noise greeting this week’s deal on promissory notes, the unpleasant reality is that the debt itself remains intact. The bank debt may now be more manageable, but we don’t have the promised separation of sovereign debt and bank debt.

As of now, the bank debt is even more deeply embedded into the economic life of the State and its citizens.

We can only hope that this deal will have some positive effect in the short term. We won’t know that until, perhaps, the next budget day.

That’s why it’s now vital to ensure a strong turnout at tomorrow’s rallies. The underlying reasons for the rallies haven’t changed. We’ve paid 42% of Europe’s bank debt. We’ve each paid €9,000 while the average debt payment per person in Europe is just €192.

Ireland, a tiny player in the EU economy, has shouldered more of the burden than any other. That hasn’t changed.

Let’s send a message to Europe – Lift the burden. We need jobs not debt.