Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)

That would be fine, at seven minutes.

The debate we should be having tonight is not this one but a debate on the motion of no confidence in the Taoiseach, tabled by the Sinn Féin Deputies. We have been asked to carry on as normal in a Dáil with a Taoiseach and a Cabinet that have not a shred left of credibility or political authority. We have a coalition Government in which one partner has expressed no confidence in the other and has given its notice to quit.

The subject of the statements of the euro group of finance ministers which met last Sunday was only one of the steps taken in the past week to sell out what remains of the economic sovereignty of this State. For more than a week this Government tried to deceive the people about the imminent arrival of the International Monetary Fund to take control of our economy. The Fianna Fáil-Green Party Government took the people for fools but they were found out and the Central Bank Governor, Professor Patrick Honohan, had to go on radio last Thursday to bring the deception to an end. On Sunday the Government finally admitted the truth when the Minister for Finance, Deputy Lenihan, made the announcement that confirmed what had been denied, namely, that the Government was to put the State further into hock with international moneylenders. The cost is to be savage, with widespread cutbacks that will plunge large sections of the people further into poverty. Let us make no mistake - if the cuts made are not savage enough for the IMF and the EU they will be deepened even further. Social supports, public services and jobs will be devastated if this proceeds.

Fianna Fáil, the so-called republican party - although there is nobody on the benches here - having squandered the people's money has now sold out the remnants of Irish sovereignty in order to continue bailing out the banks. This is all about bailing out the banks. IMF intervention was brought about directly by the scandalous policies of this Government. An EU and IMF bailout will not be a bailout for the Irish people, rather, it will be a further bailout for the banks. The Irish people will still have to pay the price. It will represent a loss of control over our economy with implications far beyond the 12.5% corporation tax rate. While the media have focused on this, the reality is that the IMF dictates policy across a whole range of areas and it will mean even more savage cuts to health and education, public service jobs and social welfare, as well as tax increases for the lower paid and the sell-off of Sate assets. Already the IMF has made clear that it will be looking for the lowering of the minimum wage and the cutting of social welfare payments are employed. This is totally in line with current Government thinking, which is to hit the lower paid and poor and drive the unemployed further into despair.

What of Fine Gael? Is it the case that it will be happy to see a savage budget passed by Fianna Fáil, the Green Party and, if they are lucky, the so-called Independent supporters? Is Fine Gael banking on a passed budget, Fianna Fáil taking the blame in the election, Fine Gael sailing into Government and then fully implementing the self same budget? That is a question many people and commentators are asking.

Did Fine Gael know what it wanted yesterday? Make no mistake about it, Deputy Reilly was calling for an immediate general election and he was right. I raised an issue with the number of Fine Gael Deputies earlier today. Deputy Kenny today called for the Fianna Fáil and Green Party Government to remain in office to bring in the budget next week. There is a major contrast between the leader and deputy leader. Where do we all arrive at if that is the case? We arrive at confusion. Will the Labour Party do as Deputy Gilmore indicated last Friday on the "Late Late Show" and refuse to reverse the cuts in such a budget?

The great tragedy is that none of this need have happened. We need not be facing a savage budget or an IMF intervention if the Government had burned the bondholders, set up a State bank and pursued a real plan for economic recovery. There would be no call for any such bailout. It can still be avoided. Such a real recovery plan has been put forward by Sinn Féin. The Irish Congress of Trade Unions has put forward similar proposals and so have individual unions, a whole raft of community and voluntary organisations and many individual economists, both domestically and internationally.

Instead, Fianna Fáil and the Green Party are about to bring us down the road of so many countries where the IMF has dictated policy. In Latvia there was a 30% cut in public service jobs and 17 hospitals were closed. In Greece there were massive wage cuts, job losses and riots on the streets. In Iceland there were savage cuts in health spending and widespread repossessions and evictions. In the Ukraine hospitals were closed, pensions were caught and unemployment doubled. We in Sinn Féin warned earlier this year about what was to happen and in statements on the European Council meeting in July Deputy Ó Snodaigh said:

This Government has also tied the State to the EU's blind determination to protect the euro which means participating in the bail-out of Greece when our deficit exceeds that of Greece. In a few months time we could have the potential situation where Greece is asked to bail out the Irish economy. This shows the ludicrous nature of what is being discussed and imposed upon us. It means partaking of a new loan facility fund, despite the demands that fund can put on a state if it avails of those finances. The EU is becoming the IMF and this Government is signing up wholeheartedly to it, up to the point of agreeing that Brussels should have sight of and commentary on our sovereign budgets in advance of them being put to the national Parliament. This is an insult to this House and an insult to the budgetary process which has gone through the Oireachtas quite well for a number of years. The Government is signing up to an interference from outside in our affairs. That amounts to a loss of sovereignty.

One does not have to add how much foresight Deputy Ó Snodaigh showed in what he warned and cautioned about.

The outcome of yesterday's extraordinary events was fatally wounded Taoiseach who wanted to drag the country down with him, Fianna Fáil and the Green Party. It is shameful that the Green Party is denying people their say in an immediate general election and helping Fianna Fáil to further inflict massive damage on the Irish economy and society. It is a travesty of democracy. There needs to be an immediate general election.

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