Joe Higgins (Dublin West, Socialist Party)

The Taoiseach just stated that Mr. Trichet, who is the President of the European Central Bank, told the Minister for Finance he would not contemplate the burning of the bondholders and specifically that the €3.5 billion to be paid to unsecured Anglo Irish Bank bondholders by the end of June had to be paid. What is the point of the Taoiseach going to EU summits if it is not the political leaders, supposedly elected by the people of Europe, who make the decision but bureaucrats at the European Central Bank who obviously represent the interests of the major European bankers, bond dealers, hedge funds and the rest of it? Does this not turn what is supposed to be democracy on its head? In July, did the Taoiseach discuss with Chancellor Merkel and President Sarkozy the issue of €3.5 billion? The Minister for Finance stated categorically in Washington in June that Anglo Irish Bank was a warehouse of debt and speculative investment and the Irish people should not pay. Did the Taoiseach follow up this by stating to Frau Merkel and Monsieur Sarkozy that the Irish people do not owe this money and that we will not pay it?

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