Sixty years after a deal was reached to cancel nearly half of Germany's debts, Debt Justice Action calls upon the Irish Government and European institutions to heed the lessons of 'London 53' - of coordinated international solidarity and tough negotiation- which put Germany on a path of debt sustainability.
The Anglo: Not Our Debt campaign regards the promissory note deal announced last week as a rotten one, and we do so for three main reasons. First, this was not our debt in the first place. Anglo Irish Bank (some of whose executives are under criminal investigation) and Irish Nationwide Building Society ran up these debts on the basis of loans made to them by speculative investors looking to make a fast buck. Those investors gambled and they should have lost, rather than have the state guarantee their gambles and force people living in Ireland to repay debts that they had no part in creating and from which they derived no benefit. The deal legitimises an illegitimate debt.
Press release: Campaigners warn against government decision to replace promissory notes with sovereign bonds, say debt could be passed on to future generations.
The Anglo: Not Our Debt campaign comprised of community, faith based, global justice, trade union and academic groups, has said that a potential government move to replace the Anglo promissory note payments with long-term sovereign bonds would be unacceptable.
Campaign spokesperson Andy Storey described the debt as “illegitimate – it was accrued to pay off ...
After years of hard knocks, Ireland is poised for recognition on the world stage – We have lodged an application with the office of the Guinness Book of World Records for Most Expensive Bank Bondholder Bailout, per capita.
Ireland’s bail out is 4 times higher per capita than that of Greece. If Europe needs a ‘win’, Ireland can surely deliver.
Be sure to play your part! You can share this video with all Fianna Fáil, Fine Gael ...
In the past few days, Minister Pat Rabbitte said:
“We didn’t pay the promissory note this year and as far as I’m concerned we’re not going to pay it next year. It’s as simple as that.”
It is entirely untrue that the Promissory Note was not paid this year. The Promissory Note was paid in full. The government borrowed €3.06bn from NAMA. Following this, NAMA passed this debt to Bank of Ireland (BoI), so now, instead of ...
As Patrick Honohan launched the Central Bank’s new €15 coin in Galway on 12th of December, we joined in with launch of our own €3.1 billion coin. Given that the Irish Central Bank were happy to create over €30 billion to give to Anglo on the strength of the promissory notes, we though we could offer to pay the next installment with money that we created.
Despite recent claims to the contrary, the 2012 promissory note ...
The Anglo: Not Our Debt campaign has called on the shareholders of Bank of Ireland not to be complicit with the government’s “scam” regarding the payment of the most recent Anglo Irish Bank promissory note of €3.1 billion.
The Anglo: Not Our Debt campaign has lent its support to a protest taking place today at the European Central Bank (ECB) by Irish groups and individuals demanding debt justice.
Michael Noonan could have “walked on water across the Liffey” to the recent Fine Gael Árd Fheis. That was the view of one political commentator on RTÉ, following the “miracle” the Finance Minister had performed in relation to the Anglo Irish Bank promissory note, due for payment that day. This opinion was typical of mainstream media interpretation of the “deal” announced by Noonan. In reality, the deal was a mirage, not a miracle.
The ‘Anglo: Not Our Debt’ Campaign has described the proposed deal on deferral of the €3.1 billion ‘promissory note’ payment due on 31st March as likely to create bigger debt problems for people in Ireland in the long run and representing a political blunder by a government that has wasted a chance for an immediate write down of Anglo debt.