Debt Justice Action Ireland
Web site: www.notourdebt.ie
Anglo is Not Our Debt! Stop the Repayments!
People in Ireland have joined millions of people worldwide repaying unjust and illegitimate ‘debts’.
Ireland’s debt repayments for the now dead Anglo-Irish Bank will reach over €47.9 billion by 2031 if the repayments are not suspended! That is 30% of Ireland’s GDP. These payments could even increase to as high as €85 billion.
The debts run up by the former Anglo-Irish Bank and Irish Nationwide Building Society (which we are simply calling ‘Anglo’) are not the responsibility of people living in Ireland – they are the responsibility of those who supported Anglo’s reckless lending. Yet we have been saddled with repaying the debts through so-called ‘promissory notes’. The next payment, amounting to €3.1 billion, falls due on 31st March. Such payments will continue for years to come – until the 2030s!
This money could and should be used to maintain and expand public services and provide a desperately needed stimulus to the depressed economy. For example, €3.1 billion would cover the cost of running Ireland’s entire primary school system for a year.
We call on the government to immediately suspend these repayments and to enter into negotiations with the relevant parties, including the European Central Bank – to ensure that this unjust debt is written down.