Joan Burton (Dublin West, Labour)

Most of this document deals with the arrangements in respect of the banks. There is barely a mention of the domestic economy, the more than 450,000 unemployed people or the hidden assumption in the Government's green-covered book on the four year recovery plan that 40,000 people will emigrate per year. What is the Government's expectation of the likely level of annual emigration during the period of the so-called recovery programme? The adjustments in social expenditure that have been pencilled in, worth €3 billion per year for the four year programme, cannot be achieved even with the various control measures set out in this document unless significant annual emigration is assumed. What are the document's underlying assumptions about emigration and unemployment?

We are buying Europe time to create something that will show European firepower to the bond markets. The Government claims - it suits many commentators to say it - that the remarks of the German Chancellor, Angela Merkel, less than two weeks ago about bondholders bearing responsibility in future caused the current wave of unrest and the attack on those European countries that are perceived to be weak. I do not agree, given the way in which the Irish crisis was approached and the many assertions by the Minister and the Government that Ireland was turning a corner. That turning of the corner never came. As a consequence, even among eurosceptics who were sceptical both about the euro and the capacity of countries such as Ireland to survive these adjustments, the Minister's continuous avowals that we were turning a corner mean that Ireland has relatively little credibility. Mrs. Merkel's comments, therefore, were perfectly justifiable, in my view. The bondholders are basically saying that in the new structures of European or world capitalism-----

See this speech in context