Repudiate the Debt

cpi banner at ictu demo

In 2011 the Communist Party of Ireland launched a campaign aimed at raising awareness about the nature of the Irish debt. This was timed with the 2011 General Election that saw another populist and ideologically empty government elected. The purpose of this campaign was to highlight the fact that the nature of the debt stems not from the mismanage of economic affairs on a family by family basis but from the excess which were enjoyed on several levels, among them were the Trade Union Movement, the public service (government included) and the private banking sector. These excesses led to practically no oversight over the distribution of salaries and loans, and artificial growth based on speculation spun out of control.

The result of the crash was that the credit which had flooded Irish banks from mainland Europe was demanded back and the spineless assortment of gangsters quickly capitulated the Irish people to the European heartland. Guarantees were made to cover the losses of the banks and take the debt onboard the state exchequer, yet the banks themselves for some bizarer reason remained privately owned and did not transfer to the ownership of the people that bailed them out.

It seems to me as if a great injustice has been inflicted on the taxpayers of the emerald isle and no party aside from the Socialist Party and the Communist Party call for an immediate cessation of payment to private interests! If a futuer government is to truly be ‘left wing’ and representative of the interests of the vast majority of tax payers of Ireland then the repudiation of the debt must be incorporated into it’s philosophy and principles immediately.


The debt is a representation of 21st century imperialism, it is a representation of the colonial and vassal status Ireland has in the EU. The debt represents not only the executive dominance that the Irish state enjoys over it’s people, but also the power that the EU itself exercises. Many of the most important levers of executive and legislative elements within the EU are concentrated no unelected officials. Usually these officials come from conservative and/or centrist backgrounds after relatively prolific adventures in their home countries as either ministers or even heads of government.

I know it’s hard to believe, but these unelected champions of corporations are even more disconnected from the common people than our local economic terrorists, but that’s definitely the case. Their decisions are made on one basis alone and that is the ‘Freedom to Exploit’. That is the ultimate defining feature and category for the IMF/World Bank/ECB. How easily they can ‘invest’ into the affairs of a company. Countries that expel the IMF suddenly are not ‘competitive’ or ‘free’, Belarus is a prime example for such an explanation. I am sure if Ireland were to repudiate the debt there would be an instant international outcry about how undemocratic and unfair Ireland is. All that outcry would come regardlses of the obvious and direct benefits that would come to the average people.

No “reviewing”, “restructuring” or “re-negotiations” are acceptable for any true left wing government. The Irish people have been prostituted long enough, no commitment to the repudiation of the debt is no commitment to the prosperity of Ireland and her people.


Alex K. Homits


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