Ireland "caught up in a race to the bottom" - Mythen

Cllr Johnny Mythen has said that the decision to pay an unsecured bondholder €1 billion last week while emigration is at its highest level since records began highlights the fact that we are all caught in a race to the bottom. 

Cllr Mythen said;

"The tragic continuing payments to unsecured senior bondholders is simply draining.  It is draining away our jobs as unemployment continues to stand at 14.7%. It is draining away our young people as we saw 240 emigrating per day last year.  It is draining our domestic economy as hundreds of small businesses are going to the wall for want of a little capital."

"This week the banks Have taken one billion euro from Irish citizens to hand over to their private clients, and to add more salt to the wounds, they have increased interest rates in an already faltering and shrinking economy.  This is surely an unsustainable and delusional position for any government to follow."

"Our small Island nation, if it is to survive, must challenge the austerity policies of our own domestic government and those of the I.M.F.  The figures are not adding up.  We all are caught up in a race to the bottom fuelled extensively by the lack of regulation on these financial institutions and the unwillingness of the Irish government to challenge their counter parts in Europe for a fair deal for Ireland."