Adams 'deeply concerned' with eurozone deal

Sinn Féin president Gerry Adams said that he is deeply concerned that the Taoiseach has signed an agreement that "will long lasting and negative consequences for ordinary citizens in Ireland and across the EU".

Speaking following a briefing by the Taoiseach on the detail of last Friday's EU crisis summit agreement, Deputy Adams said he believes that the deal will not resolve the eurozone crisis and in fact will make matters worse.

“I listened carefully to what the Taoiseach had to say this morning," he said.

“The Government has signed up to a new and draconian 0.5% of GDP deficit limit. They have done this without having conducted an assessment of the social or economic consequences of such a move."

Deputy Adams also said that the requirement for this new rule to be put into constitutional law means that the Government will have to implement austerity budgets not just to 2015, as required by the EU/IMF programme, but for its full term of office and beyond.

“Alongside this, the agreement explicitly rules out any future debt write-downs," he added.

"This means that all toxic-banking debts will be paid, including the €3.1bn due to be paid to Anglo Irish Bank next March and every year for more than a decade.

"Once again the taxpayer will have to foot the bill, irrespective of the social and human cost.

“Fine Gael and Labour have not only signed up to an austerity pact, but a bank-bailout pact too.

“This is not only the very opposite of what the people of Ireland needs, it is the opposite of what the people of the EU need.”