Dublin South West representative Seán Crowe TD who is a member of the Dáil European Affairs Committee has said that the recent comments of European Commission President Manuel Barroso regarding bank recapitalisation highlight the arrogance of European elites and ineffectiveness of the government’s negotiators to stand up for Irish citizens at a European level.

Crowe said that Barrosso’s comments are an attempt to avoid any responsibility at an EU level for the banking failure and their A La Carte light touch over sight role.

Deputy Seán Crowe said:

“Jose Manuel Barosso’s comments today are partly the product of weak Irish Government negotiators and it highlights the glaring lack of principled leadership from those representing this state in dealings with the institutions of the European Union.

“Our Government vowed to achieve the separation of banking and sovereign debt but this despite many promises, has never actually materialised.

“Barrosso’s remarks should serve as a warning about what can happen if those wielding power in Europe are allowed, without opposition, implement their austerity agenda without any real challenge or critical engagement.

“Mr.Barosso has made it quite clear that retroactive recapitalisation of Irish banks is not something on the agenda in any substantive way. His comments are an attempt to avoid any responsibility at an EU level for the €65 billion injustice heaped on the shoulders of ordinary Irish people.

“Irish workers and their families didn’t cause the banking crisis but the debt has been firmly fastened to their shoulders and those of future generations. Mr Barosso has effectively confirmed that the Irish, our children and our grandchildren will be forced to pay back the debts of speculators and financial gamblers. This debt simply does not belong to us.

“The A La Carte, light touch regulation and the failure of the European Central Bank to carry out its responsibilities is ignored by Barrosso and the European elites. Throughout this crisis the EU has failed to take any account of the interests of the Irish people.

“Yes, the Fianna Fáil / Green Government has to take a large part of the blame for the banking fallout as must the current government for failing to stand up for the Irish people particularly by siding with speculators and not burning the bondholders

“The EU and Barrosso have never admitted that the weaknesses at the heart of the Euro put fuel on the flames of the Irish banking and the Irish property bubble. By setting interest rates at a record low level that suited dormant German and French economies and made the situation in Ireland worse.

“Without the ECB and the Eurozone, Irish banks would not have had access to the funds at low interest rates which they over lent to the Irish property sector. It is not good enough for Barrosso to pontificate and try wash his hands of any responsibility. The EU elites have to accept responsibility for pushing a culture of light regulation which ultimately led to the collapse.”

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