Seán Crowe (Dublin South West, Sinn Fein)

I will not get into electioneering. There must be some worries in County Donegal in regard to the outcome of the presidential election.

It is clear, even to the most casual observers, that the handling of the euro crisis by European leaders has been nothing short of disastrous for many of their citizens. As member states teeter on the brink of bankruptcy and lurch from one crisis to the next much of the focus that should go towards finding a viable strategy to deal with the crisis has instead been wasted on securing the interests of big bankers and meeting the narrow political interests of the French and German Governments. The Irish Government has been complicit in allowing this to happen. For many outside observers, the coalition partners, despite all their pre-election promises, have failed to negotiate robustly with our European partners in order to achieve a fairer deal for Irish people. We are going on the information we are receiving in that regard. The Minister may have a different view.

As recently as last Sunday, the President of the European Council, Mr. Herman Van Rompuy, spoke of the need for what he called "limited treaty change". The aim of such changes points towards a greater centralisation of economic and fiscal powers. The Taoiseach is on record as stating he is opposed to such measures but it is unclear whether he voiced those views at the Council meeting. Now, in his latest U-turn, he states he has no problem with limited treaty change. Consistency on these matters is clearly not one of his strong points. For anybody involved in negotiations, it is very difficult to negotiate with an individual who flip-flops from one issue to another. It also shows a weakness in regard to the argument.

Let us be clear that before any current EU treaties are changed, especially if such change would lead to further loss of our fiscal powers and economic sovereignty, a referendum must be held in order to give our citizens their say on the issue. Clarity and strong leadership are needed but the Taoiseach is flip-flopping on the issue and is seemingly ready to agree to treaty changes that will have far-reaching implications for our economy and future prosperity.

This is also further proof, if such were needed, that the leaders of France and Germany are being allowed to drive EU policy in the arrogant belief they have the sole right to decide the future of the European Union. One need only examine their approach to tackling the crisis in the eurozone. Key policy decisions have been taken to further their own countries' narrow national and political interests, with little or no consideration being given to how this will impact on fellow member states. As this happens, the Irish Government is allowing itself to be sidelined and patronised with faint praise which extols our efforts to bail out the banks and repay the bondholders in our role as good Europeans. We may be good Europeans, but we are certainly not in a Europe of equals. No one in Sinn Féin underestimates the extent of the problem facing the banking sector in Europe. We have consistently called for greater stress testing to clarify the extent of the problem so viable solutions can be found.

This crisis was not created by the citizens of this State, nor by the people of Greece, Portugal or Italy, many of whom are suffering as a result of increasingly punitive austerity measures that have the greatest impact on the weak and the vulnerable. The greed and the reckless unregulated lending of the banks led us to the point of economic meltdown. These large European institutions perversely appear to be determined to obstruct the reaching of an agreement that would recapitalise the banking system, create a stronger European Financial Stability Facility and involve a write-down of Greek debt. In their determination to support big bankers and the narrow political interests of the French and German Governments, EU leaders have manifestly failed to help smaller or less prosperous states in the European Union. The rights and future prospects of millions of EU citizens are being callously disregarded as eurozone Governments fail to work collectively to find solutions to this worsening crisis.

The previous Government, which was led by Fianna Fáil, failed to stop this country's banks from behaving recklessly. It put the interests of bankers and speculators above the interests of ordinary citizens. Its approach has been replicated by Fine Gael and the Labour Party. Despite their past lofty rhetoric, they have failed to deliver any meaningful change. It is clear that it is Frankfurt's way and not Labour's way. The implications of this crisis for ordinary Irish people are becoming more pronounced with each passing day. Growing hardship is resulting from the sweeping cuts that are destroying our education and health systems, which were already at crisis point. Job losses have resulted in large scale emigration and hundreds of thousands of people are on the live register.

Climate change and severe weather are causing further damage to our already antiquated infrastructure. As recently as last week, I witnessed the despair of hundreds of families in Tallaght and Dublin South-West, whose homes and personal possessions were destroyed by flood water. Some of those victims had suffered similar catastrophes previously, meaning they were left without insurance. They face a bleak future, if not ruin. The Government can find billions of euro when it wants to bail out toxic banks and repay bank bondholders. This obscene and shameful situation is an indictment of our political system. I cannot understand how we can find this money when there is no money for people in other situations. There is no talk of emergency or crisis funds.

Sinn Féin does not oppose the possible write-down of Greek debt. It has been estimated that the write-down will be between 50% and 60%. By contrast, the Taoiseach has refused to make the case for a reduction in banking debt. The Government is persisting with its policy of paying the unguaranteed and unsecured bondholders in Anglo Irish Bank in full. It beggars belief that the Government can accept the write-down in Greek sovereign debt while Irish taxpayers are forced to pay in full for the recklessness and greed of private speculators. The Government needs to speak with a single voice on this issue. It should campaign and negotiate in the interests of Ireland and reassert our national sovereignty. The future prosperity of our country's citizens must be the Government's priority. Anything less is unacceptable.

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