Joe Higgins (Dublin West, Socialist Party)

I want to raise a decision of the Government for which the Taoiseach cannot blame Fianna Fáil, despite that party's responsibility for the origins of this crisis. Last Saturday, the Government abjectly capitulated to the European Central Bank when the Minister for Finance indicated in Poland that the full €3.5 billion that was gambled in Anglo Irish Bank by the holders of unsecured bonds would now be paid. Just three months ago, the same Minister made world headlines when he said in Washington that the Government would burn the bondholders. He said "we don't think the Irish taxpayer should redeem what has become speculative investment". Six weeks from tomorrow, the first €1 billion will be paid to speculators in Anglo Irish Bank. Will he explain why this breathtaking betrayal of the Irish people is taking place when sharks in the financial markets are being protected and rewarded? Why is the Government prepared to continue the disastrous policy of austerity that is affecting our people? It is preparing to savage the incomes of low and middle income workers, introduce a new household tax, withdraw the current provision of special needs assistants and cut fuel and electricity allowances from pensioners and the poorest people. While it has no compunction in hitting ordinary people, it is bottling it when it comes to tackling banking speculators. What is responsible for this change in policy? Why did the Government make the promises that it is now failing to live up to? Why did it raise people's expectations in this way before letting them down? I will compare the Government's actions in sporting terms to the actions of the heroic Stephen Cluxton last Sunday.

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