Monday 23 October 2017

Eamon Gilmore rails against Irish austerity 'economic experiment'

Tanaiste Eamon Gilmore
Tanaiste Eamon Gilmore
Sarah McCabe

Sarah McCabe

TANAISTE Eamon Gilmore has accused international bailout lenders of using Ireland as an 'economic experiment' for their austerity plans.

Mr Gilmore also railed against the €3.1bn that is expected to be taken out of the economy in next month's budget, in an interview in today's Financial Times.

“We will not let the Irish economy become some type of economic experiment for austerity hawks,” said Mr Gilmore.

He said the full €3.1bn austerity package was not necessary to enable Ireland to meet its deficit target of 3pc of gross domestic product by 2015.

“We are committed to achieving the 3pc target. But we are not obliged to do more than that, nor should we do more than that.”

His comments, the most public criticism of the Troika that any government minister has made in recent months, come as the state tries to negotiates its exit from the bailout programme and return to the financial markets.

This includes the negotiation of a €10bn precautionary credit line from the Troika following any bailout exit.

Mr Gilmore also added that Jean Claude Trichet, who was head of the European Central Bank at the height of the financial crisis, should be called to give evidence at the upcoming Dail inquiry into the banking collapse that force a bailout in 2010.

“The public are entitled to know what happened,” he said of Mr Trichet’s role.

Irish Independent

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