Michael D'Arcy (Wexford, Fine Gael)

The Americans are doing it. The Chinese are deflating their currency. The UK is printing money. If one deflates one's currency, one deflates the debt. There is a real concern about inflation. It is something we have to consider.

The role of the ECB is to protect the currency. The US Federal Reserve has other roles, one of which is to promote growth. The Government is not attempting to promote growth. This country's tax receipts have collapsed. We were bringing in €53 billion or €54 billion per annum, but that has decreased to €30 billion. If one keeps slaughtering people with taxes, they will stop participating in the economy. Irish taxpayers cannot pay for this. They are not in a position to pay for it. The Government proposes to saddle future generations with a debt that will not be met. Contrary to the Government's view of the right thing, I suggest the right thing would be for the bond holders to take their reduction. It will happen sooner or later.

See this speech in context