Stephen Donnelly (Wicklow, Independent)

The reason is that we keep telling them we will accept anything. We have accepted a great deal thus far, including the entire liabilities of a failed banking system which amount to €100 billion in banking losses or €70,000 for every household. Until recently, we accepted interest rates on the so-called bailout which made small fortunes for the friends who were allegedly bailing us out. We also accepted the loss of our economic sovereignty. Other things we have all been asked to accept were that the Irish bailout would be the cheapest in history, the markets would never lend to us unless we repaid the bondholders and Anglo Irish Bank was somehow systemically important. Most important and of relevance to the forthcoming European meeting, we have been asked to accept that austerity, without any serious stimulus, write-down of debt or printing of money, will lead to our salvation. None of these things has turned out to be true. The truth is we are being pulverised by external commercial and political powers acting, understandably, in their own interests. Why? The reason is we keep doing exactly what they tell us to do before congratulating ourselves because they tell us we our great for doing as we have been told. This is what Fianna Fáil did and, unfortunately, it seems the current Government is continuing with its predecessor's policy. It is certainly what I am hearing in the Chamber.

We must tell the bondholders, European leaders and bankers that we are no longer willing to accept their conditions. Iceland did this and its approach is working. It has 6.5% unemployment compared to 14.5% here. That is the message I would like the Minister and Taoisach to take to the forthcoming European meetings.

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