Banks’ bailout is inequitable and inhumane

THE budget and other cutbacks are necessary, we’re told, because of a crisis in the public finances.

Within one week the pig industry was compensated with €180 million, a tax break for multinational executives was revived and it is finally determined that the banks were to be recapitalised partly by billions in public funds. The funds have been found. On the same day as the announcement of the banks’ plan, the Minister for Health delivered a signal of enormous new health cuts next year — a possible €930 million according to the HSE. In that case, €1.21 billion will have been cut from an already underfunded health service over this year and next. This pattern is inconsistent, inequitable and inhumane. When the banks are recapitalised with public funds in the new year, the public spending cutbacks in health, education and social services, and the new levies on working people, should be withdrawn. The funds will be found.

Des Derwin President