Press Release: IRISH BOYCOTT OF UN DEBT MEETING MAKES NO SENSE - FOR IRELAND, OR FOR THE WORLD'S POOREST

PRESS RELEASE: For immediate release

IRISH BOYCOTT OF UN DEBT MEETING MAKES NO SENSE - FOR IRELAND, OR FOR THE WORLD'S POOREST  

Debt justice campaign group, Debt and Development Coalition Ireland (DDCI) have expressed strong disappointment that Ireland is boycotting the first meeting of a newly established UN Ad Hoc Committee on Sovereign Debt Restructuring. 

The Committee was established last September 9^th following overwhelming support from the United Nations General Assembly.

The committee’s mandate is to negotiate fair and transparent procedures for the cancellation and restructuring of debts of countries in crisis – like Ireland, Greece and many poorer countries. Significantly, the proposed mechanism can give the UN leadership in resolving debt crises, rather than vested interests, like the IMF.

DDCI Coordinator, Eilis Ryan, said,

“This week’s UN meetings could be a game changer for heavily-indebted countries, like those in the developing world, and Ireland and Greece. Debtor governments, many of them in the world’s poorest countries, have taken the driver’s seat and have brought an unequivocal agenda for action to resolve sovereign debt crises to the United Nations. It is shameful that Ireland has stepped away from this process.” 

Ireland was one of only 11 countries to vote against the proposed debt resolution mechanism. Today, it has gone further again, by failing to attend the first meeting of the Committee on Sovereign Debt Restructuring.

DDCI point out that while Ireland, with creditor governments, chose to vote against the mechanism, the broader overwhelming democratic vote in favour of the mechanism mandated international support.  Ireland’s decision not to attend undermines the democratic strength of the general assembly, for no clear reason. 

Ms Ryan added, 

“It is rather bewildering that Ireland has boycotted today’s UN meeting, given Ireland’s traditional support for the UN, and Ireland’s own need for a solution to cancelling the remaining Anglo Irish Bank related debt. This is a clear instance of Irish interests aligning with those of some of the world’s poorest countries; what reason is there not to support the initiative?”

For interviews contact:

Eilis Ryan, Coordinator, Debt and Development Coalition Ireland, 01 6174835 / 086 3108553

Notes to the Editor:

• DDCI and more than 20 justice groups wrote to EU governments asking them to support the UN Ad Hoc Committee on Debt Restructuring. The letter can be accessed here.
  
• This is the first meeting of the UN Ad Hoc Committee on Sovereign Debt Restructuring to take place, following two successive votes in the general assembly in September and December 2015. Ireland and a small minority of countries voted against the initiative. The first meetings take place from February 3^rd – February 5^th. More details are available here.