Maureen O'Sullivan (Dublin Central, Independent)

It is the previous Government's responsibility that we are in this situation. I am sure we all watched last night's RTE programme, which laid events out graphically. It reminded me of the expression, "Marry in haste, repent at leisure". A great deal was done in haste. On what basis were decisions made? They appeared to be based on advice from those who got us into this mess in the first place.

Maybe I am being simplistic, but surely the motivating factor should be to work in the best interests of the Irish people. I do not know how it is in our best interests to pay millions of euro to anonymous, nameless, faceless bondholders and to pay promissory notes. The Government must at least work on renegotiating the bailout's terms to remove toxic private banking debt. The Minister, Deputy Noonan, has stated his reasons for not renegotiating the troika deal. He mentioned that it could spread panic on the markets, create a contagion effect and increase bond yields, as is happening with Italy, all of which would reduce any chance of returning to normal market borrowing. He stated that he was not interested in confronting the troika and intends to work with the programme, even though his party came to power on a burn-the-bondholders ticket. He stated that the European institutions and serious players had much respect for Ireland and that it would be appropriate to work with them.

Are we any better? We are facing more austerity. If people are finding it increasingly difficult to pay their bills, how can they help with the ethos of spending our way out of a recession?

We seem to be dominated by the big picture of what is occurring in Europe and economic affairs. I spent recent days with the North Inner City Drugs Task Force, NICDTF, the Cabra drugs task force, people with disabilities, senior citizens and people with mental health issues. We cannot lose sight of such people while discussing promissory notes. It would be obscene.

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