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Debt continues to rise

Tuesday, 24 Jul 2012, 04:31

 

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The news that Malta’s national debt has shot up to 75% of our GDP is a cause for great concern. The policies adopted by our Finance Ministry have created double-edged problems. The result shows that the country is definitely over-spending and when one lives beyond one’s means, sooner or later one will be forced to live below that standard.

This is why GonziPN’s administration of public finances is a serious danger to the quality of life of the Maltese, in the very near future. Malta has registered one of the highest increases in the ratio of our national debt to the GDP of the country. Whereas the Finance Minister Tonio Fenech had promised that the national debt would decrease by the end of the year, the figures demonstrate the complete opposite. The obstinate reading of the situation by GonziPN can only lead us into more troubled waters. Government spokesmen keep denying that Malta is in a recession and consequently do not take the necessary measures to stop the rot. Government efforts to present false impressions in this election year, will only force the people to face this government’s mismanagement of the people’s finances.

The Gonzi government cannot focus on the real problem. The Prime Minister’s major problem is trying to find an acceptable setting in Parliament to carry his government to a 2013 election. Nothing else is more important.

The other side of the coin is also worrying. With the government heading for an uncontrolled deficit, GonziPN could take us to a stage where we might need ECB help. This would take us a step closer to a dependency on the EU’s financial institutions. We would have to accept, in full, the austerity packages imposed on the country. So far, these restrictions (as in Spain, Italy and Greece) have led to increasing national debt and public poverty. It would seriously affect the quality of life of our population.

GonziPN is still in a position to remedy the situation, if it looks beyond narrow party interests. The results achieved by his Government in the management of the country’s finances speak for themselves. Our debt is rising, our deficit is rising and so is the cost of living. Gonzi should stop squandering government funds now and call an election as soon as possible. The people have a right to safeguard their future. 

 

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