Pearse Doherty (Donegal South West, Sinn Fein)

The Minister has said the Government supports the pact for the euro. Does he support wholeheartedly the pact which states the European Commission will impose financial sanctions on member states which cannot meet the debt to GDP ratio? Has he asked his Department to carry out any risk assessment of the cost to the State if we cannot meet the targets set under the pact? Under the pact debt sustainability will be monitored and if it is recognised that a country is not on the pathway to debt sustainability, creditors will be engaged with. Twelve days ago the Minister rightly was bullish when Irish sovereign debt yields - the Irish sovereign debt ten year bonds - were starting to decrease. However, he must acknowledge that the percentage figure is now at 10.4% or 10.5%. It is higher than it ever was. The markets are telling us that we are on a collision course with debt unsustainability. Should we not look at the pact and seek to have our debt renegotiated now, instead of waiting to post the date set down in the pact? Has the Minister carried out that assessment of the financial sections?

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