Thursday 19 October 2017

Declan Ganley: This vote in the dark will rob us of fiscal sovereignty

NO says Declan Ganley, who warns the treaty will not solve our crisis but just hand power to an unaccountable body

Declan Ganley

Before we vote on Thursday, I think it would be useful for us all to reflect on exactly why the bond markets won't lend to us at present. Is it because of our structural deficit?

No, of course it isn't. It's because we already owe so much that lending us more money seems like a risky bet.

It wasn't always like this. As recently as 2007, Ireland had the lowest debt to GDP ratio in the European Union. If our debt was at similar levels now, we could borrow without difficulty, at competitive rates, and this crisis would still be a problem for Europe, but not one that Ireland was at the centre of.

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