Thomas Pringle (Donegal South West, Independent)

By the time there is private sector involvement in the writing down of debt, we will have no private debt left. All of our debts will be with the ECB and the European Union and we will not be able to avail of a debt write-down.

I wish to put two questions to the Minister. Deputy Clare Daly referred to the six pack of measures. In the next six to eight weeks the IMF, the European Union and the ECB will be drafting the budget and the Minister will come before the House on 7 December to deliver it. Will he outline, in plain English, what will be the impact of the six pack of measures? Will they represent a continuation of the process whereby our budgets will have to be read line by line by the European Commission and agreed in advance before being delivered? What will be the outworking of what is involved? I accept that we will be debating this matter at a later date, but it is important to state today the position on it.

The Minister has stated the European Commission has agreed to increase the scope of the EFSF-ESM. What does this mean in the context of the contribution Ireland will be required to make to the ESM? We will be obliged to borrow €12 billion from the IMF and the ECB in order to make this contribution. Will what is envisaged mean an increase in the level of our contribution?

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