Thomas Pringle (Donegal South West, Independent)

The revised memorandum that is before the House represents the further entrenchment of the IMF-EU deal and the handing over of sovereignty by the Government. As has been mentioned frequently in the House in recent weeks, during the election campaign we heard about Labour's way, not Frankfurt's way. We heard also that a Fine Gael member said not a cent more would go into the banks. Through the publication of the document on the EU-IMF programme, we know that what was said during the election means nothing. When the parties went into government they picked up the baton from Fianna Fáil and ran with its proposals.

In its dealings with the troika, the Government has made the EU-IMF deal its own through the programme. The Government's statement refers to how the benefits of greater engagement have been demonstrated. However, the deal is largely the same as the one Fianna Fáil agreed in November 2010. It is the same deal that the troika, the IMF, EU and ECB, foisted on us at that time. The Minister indicated that the conditions have been largely met, which confirms that it is the same deal. The Government has rolled over. Contrary to what was said during the election campaign, the Government parties have not been able to negotiate a deal with better terms. The Government can no longer blame Fianna Fáil or the previous Administration as it has done many times in the Chamber in recent weeks in the context of the bailout, bank recapitalisation and austerity measures that were foisted on us in the deal. The Government has made the deal its own through the publication of the programme. I hope to see an end to the attribution of blame to the previous Administrations and that this Administration will take ownership and recognise that it is continuing with the failed policies of Fianna Fáil and the Green Party in the previous Administration.

Under the terms of the deal the Government is making much of the fact that it has agreed to bring the minimum wage back up to €8.65 per hour. The changes will be completely undone in budget 2012 and budget 2013 by changes in the tax bands and tax credit system for working people. The effect of the increase in the minimum wage will be that people on lower wages will just pay extra taxes at the behest of the EU, IMF and the Fine Gael and Labour parties.

The programme makes much of the changes in social welfare. Other speakers referred yesterday to the fancy language used, but what it really means is that there will be cuts in social welfare rates which will affect the most dependent people in the country, those who have the most difficulty in surviving. Their rates will be further reduced in the budget at the end of this year and in 2012.

The programme is a continuation of the Fianna Fáil programme and the EU and IMF's punishment of this country for what they perceive we have done. The programme does not accept any European responsibility for the situation in which we find ourselves in spite of the fact that the bubble was fuelled by European banks lending so much to our banks. The programme of austerity has been firmly adopted by the Fine Gael and Labour parties and it will be foisted on the people in the coming years. The programme is totally in the Government's ownership. It has failed to renegotiate the deal. Unfortunately, we will be facing further austerity, home repossessions and unemployment, all at the behest of the IMF and the EU.

See this speech in context