Tuesday 6 December 2016

Eight in 10 want bailout deal revisited

Edel Kennedy

Published 31/01/2011 | 05:00

MORE than eight out of 10 voters want the next government to renegotiate the EU/IMF bailout deal.

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However, just 52pc of those polled said they believed any attempts to change the deal -- and lower the interest rates we have to pay on borrowings to fund day-to-day expenditure -- were either "unlikely" or "very unlikely" to succeed.

The EU is charging a penal rate of almost 6pc on our bailout funds, which is around 3pc higher than the market rate to borrow such money.

The €85bn bailout package is made up of €17.5bn from our own pension reserve fund, €17.7bn from the newly created European Financial Stability Facility, €22.5bn from a separate EU bailout fund and €22.5bn from the IMF.

Our national debt is expected to rise above €200bn by 2013, with almost a third of all taxes raised being used at that time to pay interest on our loans.

More than 1,000 people were polled for the 'Sunday Independent'/Millward Brown Lansdowne survey, with 82pc saying the next government should seek new terms.

Separately, 84pc said it must renegotiate the terms of the senior bondholders, who are currently being repaid for their risky investments.

Some 57pc said that the public should have their say on the bailout, with supporters of Sinn Fein, Independents and Labour most vocal in their support for a referendum.

Irish Independent

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