Finian McGrath (Dublin North Central, Independent)

I thank the Acting Chairman for the opportunity to speak on this hugely important debate on the European Union-IMF financial support package. It is a sad day for Ireland to find ourselves in this position. I have major concerns about this deal, as have many of my constituents in Dublin North-Central. This bailout deal is punitive, cruel and ultimately not viable. The debt servicing alone will cripple the economy for generations to come. It is abundantly clear that our so-called European partners have taken the opportunity to force this bailout on our country with exorbitant interest rates and ultimately will use of the bailout as a stick with which to enforce Ireland's economic policy and reduce its sovereignty. Our country needs leaders to stand up and renegotiate a fair deal for the Irish nation. For example, Iceland has renegotiated a new deal which improves on the one rejected by 91% of Icelandic citizens. It has secured a reduction in interest rates from 5.55% to 3.2% on average. The agreement reached also maintains a ceiling on repayments to a share of its economic output.

As a small peripheral economy, Ireland is being squeezed. While we must take responsibility for a failed regulatory system, a failed financial system and for a Government that allowed the banks to be run as casinos, we are not obliged to take full responsibility for reckless and greedy investors in Irish financial institutions or for gamblers who operated the system in the knowledge that all their bets were guaranteed regardless of the odds. Finally, as a sovereign people, we can say "No" to a debt that cripples us. According to the figures of the Bank for International Settlements, the banks of the periphery owe the banks of France and Germany more than €973 billion. This bailout is not for Ireland but is for the banks of France and Germany and the Irish cannot pay this bill.

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