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Debt Justice Action says Anglo debt is not our debt - Should Not Be Repaid

A new campaigning network of local and global justice organisations, Debt Justice Action, has called on the government to stop paying the debts of the former Anglo Irish Bank / Irish Nationwide Building Society (INBS). The campaign group – encompassing a strong and unique coalition of representatives from the trade union, community, faith-based, global justice, environmental and academic sectors – argues that the debts of these now state-owned institutions are not the responsibility of people in Ireland. Their new campaign – Anglo: Not Our Debt – is calling for the suspension of Anglo/INBS repayments as a first step towards renegotiation and writedown of this unjust debt. The bulk of the re-payments are government issued “promissory notes” – a promise to pay money in future – to Anglo/INBS which will cost Ireland over €30 billion during the next 20 years.

The campaigners assure people that the suspension of Anglo payments would not spread contagion through the European financial system as most of the Anglo debt is owed to central banks and Anglo is an isolated problem from the so-called ‘pillar’ Irish banks.

The campaign is calling on the government to open negotiations with the Irish and European Central Banks, who bear co-responsibility with the Irish government and the Anglo bankers for the creation of the unjust Anglo debt. The campaign proposes that all payments to Anglo creditors should be suspended pending negotiations until a write down of the debt is agreed.

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