"Three months on, our plan is working" - Fianna Fail

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davidcochrane
Fianna Fail have sent the following update to their subscribers list (which anyone can sign up to on FiannaFail.ie). In this update sent on behalf of Minister for Finance Brian Lenihan, it compares the cost of borrowing between Ireland and Greece, pointing out that cost of borrowing over the next ten years will be 3.6 billion less than it could have been.

Dear supporter,

Over the last twenty months, we have taken decisive and bold action to bring this country back from the brink of economic and financial ruin. The latest of these measures were contained in last December's budget. We made savings of €4 billion through cuts in public sector pay, an average 4% reduction in welfare payments, and through controlling expenditure in all areas of Government.

These measures have stabilised our public finances and greatly increased international investor confidence in our ability to work our way out of this most difficult of economic crises. The benefits are there for all to see. Take a look at this:



http://www.fiannafail.ie/recoveryspreads

This graph shows the cost of borrowing for Ireland and Greece. The cost of repaying our debt has fallen because the government has made the difficult but correct choices.

If Ireland had gone the way of Greece, we could have expected to pay €3.6 billion more in interest over the next 10 years on the money we have had to borrow this year: dead money that we can now divert to much needed public services.

Internationally, we are now held up as an example of a country that is facing up to its economic difficulties and taking the necessary action. Now that we have begun to stabilise our public finances, we can take the necessary measures to return to economic growth and to create and protect jobs.

Please share this email with your friends, family and colleagues:

http://www.fiannafail.ie/recoveryspreads

In their measured reaction to a very difficult and painful budget, the citizens of this country have shown they are willing to make sacrifices in the short term for the long term good of all. This maturity and understanding of the economic difficulties we face is the envy of other countries in Europe. Our flexibility and our foresight will be of enormous value to us as we continue to enact our plan for economic recovery.

Thank you for supporting us,

Brian Lenihan T.D.
Minister for Finance
 
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MPB

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Why did they not go the whole hog and compare us to Zimbabwe.

That way they could have shown that they have saved 20 billion in interest payments.

They could even have pretended that this make believe saving would build a new hospital.
 

DCon

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dead money that we can now divert to much needed public services.
No more industrial action then..
 

evercloserunion

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The only thing this proves is that Ireland is not Greece, which anyone with sense has been saying all along.
 

libertarian-right

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Repeat the mantra. Repeat the spin. Nothing new here from Fianna Fail. To compare us to Greece shows us all what situation our country is facing. Over 10% of our tax revenues will be heading straight to interest repayments of the national debt this year. Clap clap.
 

petervalhala

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Picture speaks louder than words.

Clear proof that the Government's economic policies are working; the consequences of reversing them need to be carefully considered by the public service unions, as their salaries depend on Ireland being able to borrow at affordable rates.
 

Eurocitizen

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Thanks David, it is really great to read some positive news.

Although positive news can be a little upsetting for those who thrive on negativity

 

Telemachus

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His graph doesnt extend out for the next 10 years. This information is useless. Our rate could fly up in the next 12 months for all we know.
 

MPB

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His graph doesnt extend out for the next 10 years. This information is useless. Our rate could fly up in the next 12 months for all we know.
Ssh. You will upset Euro c and Staunch,s son Peter.
 

libertarian-right

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Although positive news can be a little upsetting for those who thrive on negativity
It's upsetting for the nearly 500k who are unemployed.

It's upsetting for the people forced to emigrate.

It's upsetting for the people of this island having to retire later with poor services and poor quality of life.

It's upsetting as FF would rather spin this dire news then deal with the situation the country faces.
 

FakeViking

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You'd sometimes wonder whether St. Lendahand is aware that FF have been in Govt for over 12 years.
 

Eurocitizen

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Ssh. You will upset Euro c and Staunch,s son Peter.

Not at all MPB I seldom get upset reading posts that want gypsy rose lee doing charts for the Government.
 

Simbo67

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I like they way he uses the phrase "dead money". Now where did I hear that phrase before? Oh yes, rent is dead money, we must buy a house in Balbriggan for 600k.
 
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Can I just say, has Lenihan imagined/created 3.6bn we don't have and then proposed to put it into public services. How does that work exactly? That 3.6bn isn't real.
 


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