thanks EUrope

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nama gets EU approval. please tell the greeks its off the books.

Posted via email from web lab

Press Statement by Joe Higgin MEP (Socialist Party)

EU Commission’s Indulgence of NAMA contrasts sharply to its attitude to working people in Ireland, Greece, Portugal, Spain…..

“Today the EU Commission signals its approval for NAMA. Their timing may well prove unfortunate for them as even among some of our domestic pro-capitalist economic commentators an early verdict has been passed that the valuations of land and property due to be taken over by NAMA are grossly overpriced. Consider, for example, the recent case that went before Justice Kelly in the High Court of the development land in Athlone, valued at €31 million at the height of the boom now valued at €600,000, a multipe of the so called ‘hair cut’ being applied by NAMA . While this is an extreme case, if it transpires that it is emblematic of even a significant minority of the properties earmarked for NAMA, taxpayers will face an unimaginable burden.

“Contrast the contortions this government is allowed to get into by the EU Commission to bail out the bankers and speculators through the creation of ‘Special Purpose Vehicles’ so that NAMA does not ‘officially’ affect Ireland’s budget convergence criteria with the inflexibilitiy of the Commission towards the Greek and Irish working class and its insistence that no such special measures can be taken to bail out ordinary people!

“Minister Lenihan along with his Fianna Fáil and Green government colleagues have consistently cited the approval bestowed upon them for their economic policies by the various international pro-capitalist institutions as an argument clincher. Never mind the fact that none of them foresaw the economic catastrophe that would unfold arising from their policies. I say again let the super rich take their losses, scrap NAMA!”