Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)

The Tánaiste should take the time to read what we have said. It is still possible for us to draw the State back from the brink. All is not over yet. The money must be drawn down before it must be repaid. This Government is on its way out, as Deputy Gormley has acknowledged repeatedly, and has stated there will be a drawdown delay with, for example, Bank of Ireland given until the new year to sell assets and see if it can raise money. Unanimous pressure must be applied on this Government and all Opposition parties, Independent Deputies and Fianna Fáil backbenchers who have expressed no confidence in the Taoiseach. No fewer than five of them did so between Friday and Monday of last week and they need to mould together and vote against the budget on 7 December, thereby ensuring an immediate general election. That is needed.

A new Government should refuse to honour the terms of the loan agreed by a Government that is roundly rejected by the electorate and widely acknowledged to be one of the most inept Administrations in the history of the State. The State still has options. We can burn the bondholders in Anglo Irish Bank. We can offer to buy out bondholders in AIB and Bank of Ireland at hugely discounted rates to go away before we fully nationalise both banks or we can burn those bondholders also. This is a market solution to a market problem. This is bank debt, not Irish Government or sovereign debt. Let us not forget it. The blanket banking guarantee must be immediately abolished and the only guarantee to remain should be that for depositors and deposits up to €100,000. This will show international markets that we are serious about protecting our citizens and rebuilding our economy at the earliest opportunity. That is the message the international community and serious players in the bond markets overseas are looking for from Ireland.

The terms of the EU-IMF loan are absolutely ludicrous. The average interest rate on the deal is 5.8%. The Greek deal was at 5.2%. The interest payments alone will cripple our public finances for years, let alone payments on the lump sums if it is drawn down. There is no provision for servicing this debt in the four year plan. All future tax measures and spending cuts will be used to service the debt. They will not reduce the State's structural deficit. International confidence in our economy is not improving. On the contrary, interest rates have shot up again and, as Mr. Paul Krugman pointed out, "investors have noticed that all those austerity measures are depressing the Irish economy - and are fleeing Irish debt because of that economic weakness."

This deal must be rejected and cannot be binding on a future Government. The Fianna Fáil-Green Party Government should immediately resign. This disastrous agreement has profound consequences for Irish society for many years to come. We are calling on Members of this Dáil of all parties and Independent Members to stand up and oppose this deal. The only way we can truly ensure it is confined to the pages of history is to have this Government brought screaming before the electorate and for the electorate to make its judgment.

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