Politicians criticise ECB rate hike
Ciara O'Brien
© 2007 ireland.com
Politicians have criticised the latest 0.25 per cent rate rise by the European Central Bank.
Fine Gael Finance spokesman Richard Bruton said although inflation had risen by 5.2 per cent, young families were burdened with a rate of at least 15 per cent, due to spending on mortgages, fuel, childcare, and health insurance. [Ah yes, shur the ECB sets all those prices...]
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Labour Finance spokeswoman Joan Burton called on the ECB to explain why it has opted for seven successive rate hikes. [Good woman, Joan! You tell those bully-boys in Brussels... ehrm, Frankfurt. Whatever.]
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The Green Party described the Government's approach to the current housing debt problem as a "rabbit in the headlights". [Again?]
Green Party Finance spokesman Dan Boyle said "This cycle of rate rise has insidiously increased the costs for mortgage holders, already bearing the price of buying housing that has been hugely inflated by the policies pursued by this Government. [Which policies? I thought they were uncaring monsters who wouldn't even help the poor auld FTBs get a foot on the ladder...?]
Mr Boyle accused the Government of sleepwalking into uncertain economic times. [/B] [Sorry, hang on. So it's not all Europe's fault...?]
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Labour Seanad Finance Spokesperson Derek McDowell accused the ECB of wanting to "squeeze the life" out of the European economy and Irish mortgage holders. [Ah, yeah. the Evil Empire, sucking the lifeblood out of the ordinary decent people of Ireland. That French fecker probably approved all our 95% mortgages (and CU loans for the deposits) personally!]
"By fuelling expectations [?] that interest rates will continue to rise by as much as three quarters of a point this year alone, the ECB is creating the kind of uncertainty in the market that will turn a soft landing into a hard fall." [Like it. Must remember that in the pub later...]