SINN Féin TD Brian Stanley has claimed that the proposed ‘EU Austerity Treaty’ would hand over further sovereignty to unelected bureaucrats.

SINN Féin TD Brian Stanley has claimed that the proposed ‘EU Austerity Treaty’ would hand over further sovereignty to unelected bureaucrats.

He made his comments in Tullamore on Monday week last at Laois/Offaly SF’s local launch of their campaign against the upcoming Referendum on May 31.

Deputy Stanley said, “The cause of the economic crisis here was the explosion in private debt and unsustainable lending practices. Reckless lending by European banks at low interest rates created a debt fuelled boom. The cost of the fallout from this private debt crisis has been loaded onto the Irish people.”

He continued, “The main purpose of this Treaty is to ensure that ordinary citizens pay these debts in full, despite the fact that they are not their debts and they had no hand, act or part in creating them. People need to realise that there is a direct link between the bank bailouts, the cuts in services, the new charges and this Austerity Treaty.”

He was also critical of the fact that the Treaty would allow one state to bring another state to the European Court where they can be fined 0.1% of their annual GDP. “In Ireland’s case this would mean a fine of €155 million if we fail to meet targets set by the European Commission.”

Mr Stanley also rejected claims by Treaty supporters that it will bring “stability” and concluded, “Fine Gael and Labour claim they are trying to reclaim our sovereignty while at the same time they are frightening people to vote for a Treaty that would mark the greatest blow to Irish democracy since the Act of Union 200 years ago.”