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42% of Europe’s banking crisis paid by Ireland

05/04/2013. Nessa Childers resigns from the Labour Parliamentary Party. Ireland East MEP Nessa Childers pictured at her home office this afternoon after announcing that she has left the Labour Parliamentary Party. She said 'I entered politics to help people, and am now resigning from the PLP because I no longer want to support a government that is actually hurting people,'. Childers is the latest member of Labour to leave the PLP due to their opposition of Party policy, following Tommy Broughan, Patrick Nulty, Roisin Shortall and Colm Keaveney. Photo: Laura Hutton/Photocall Ireland

News item

Saturday 5 Jan 2013

“Ireland has paid 42% of the total cost of the European banking crisis, at a cost of close to €9,000 per person, according to Eurostat. The full extent of the burden should strengthen the Government’s demands for a deal on the bank debt, although Germany is especially reluctant.

The figures show that while the banking crisis cost Berlin €40bn, Ireland is liable for €41bn. With fractions of the population and GDP of the EU’s biggest state, the crisis has cost Ireland 25% of GDP and Germany 1.5%. Taoiseach Enda Kenny is due to speak in the European Parliament today on the country’s work during its six months at the helm of the EU and is expected to address bank debt and the need for solidarity.

Labour MEP Nessa Childers urged him to point out that the bank debt is neither just or sustainable and must be written down if Ireland is to exit the bailout programme.

“Without burden sharing on banking debt in Europe, any pretence of solidarity left in the EU will be extinguished. If we have no burden sharing on bank debt, if the failed policies of austerity are pushed and pushed, what in the end will be left of our communities, our economies and our democracies?” she asked.”

Published on Wednesday, January 16, 2013 By Ann Cahill, Europe Correspondent, in the Irish Examiner, link to full article here