€500 million handed over to finance the ESM

An Enniscorthy Councillor has said the government payout of €500 million to the European Stability Mechanism is taking money from the weakest economy in the union to finance bigger countries.  Cllr Johnny Mythen said the Irish government must stop standing in the soup line of Europe and take our rightful place as an equal memberstate.  The Irish government paid €500 million into the ESM fund last week.

Cllr Mythen said;

"Under the terms of the recent austerity treaty the Government has committed €11 Billion to the ESM.  According to the latest information €500 million is the upfront payment which our government handed over last week."

"If you examine the way this mechanism is set up, Ireland is way down the pecking order in terms of receiving any aid from such a mechanism.  The bigger countries like Spain and Greece are first in line and will empty the kitty in one go leaving Ireland in another precarious position and with growing unsustainable debt."

"This fund is turning out to be another austerity measure being forced on an already weakened economy.  We should be demanding that the Government stop standing in the soup line of Europe and take our rightful place as a participating equal nation with the right of equal financial treatment."