Destroy €28 Billion Now says MEP

The Central Bank should be permitted to destroy €28 billion in sovereign bonds right now and thereby cease all interest payments on these bonds.

This was stated by Independent MEP Marian Harkin speaking in the European Parliament in support of her Independent colleagues in Dail Eireann who, in a private members motion two weeks ago, called for similar action

She said:- “Ireland put its finger in the dyke in order to prevent contagion in EU banks by issuing  a promissory note to bail out two insolvent banks.

“Last February this promissory note was transferred to the Irish Central Bank and the people of Ireland are required to pay interests and capital to this national institution. When this process is completed our Central Bank will simply burn €28 billion of citizens’ money.

“The financial crisis has cost us 25% of our own GDP and 4½ million people have borne a hugely disproportionate cost of the EU banking crisis.  We need a deal right now and, whether we use the European Stability Mechanism or other financial mechanisms, a way must be found to lift this unjust debt from the shoulders of Irish citizens.   

“I ask the European Central Bank to allow the Irish Central Bank to, right now, destroy the €28 billion in sovereign bonds which were issued in lieu of the promissory note and cease all interest payments on these bonds”, Marian Harkin MEP concluded.