The Eurozone negotiations that concluded last night, which saw the terms of Ireland’s bailout deal greatly improved for the Irish taxpayer, provides more certainty about Ireland returning to the bond market and brings us a step closer to regaining economic sovereignty according to Fine Gael Cork South Central Deputy Jerry Buttimer.
“The renegotiation of the terms of Ireland’s programme of assistance by the Taoiseach and Government Ministers, following months of talks and bridge building with our European counterparts, has finally paid off.
“The lowering of the interest rate and the extension of the payback period for our outstanding loans will make it possible for us to get back into normal market borrowing earlier, making our borrowing capacity much better. While the road ahead is long, these measures bring us a step closer to taking back the control of our financial situation, and ultimately to regaining full economic sovereignty.
“There has been much scepticism in recent months about the Government’s ability to secure an interest rate reduction of just 1%. The fact that a deal has been done which will see that rate reduced by twice that amount, with the borrowing period more than doubled to a minimum 15 years, is really a very significant achievement.
“The Government has been working assiduously over the last four months to secure a better deal for Ireland and yesterday that goal was realised. The Government said from day one that it will be honest with the people in what it is attempting to do. It is not going to be easy but it is our hope that in five years’ time we will have turned Ireland’s fortunes around, put control back in the hands of the Irish people and secured economic sovereignty to the State.
“In our first Dáil term we have has successfully concluded the third quarterly EU/ IMF review, introduced a jobs initiative, as well as a number of training and internship programmes, aimed at getting people off the dole and back to work and restructured our banking system.
“Yesterday was a good day for Ireland. We have a long way to before we can right the wrongs perpetrated on the Irish people by successive Fianna Fáil-led administrations, but estimated savings of between €600 – €800 million as a result of this deal is a good start. I hope this achievement will silence the critics, at least for a while, allowing the Government to get on with the task of restoring Ireland’s reputation and getting the country back on track.”