Mick Wallace (Wexford, Independent)

Yes, it is and it is getting even more difficult. I do not accept we have turned any corners. From my experience of the domestic economy, things are getting more rather than less difficult. People have less money in their pockets when they walk through the doors of most retail units in this country.

I understand we have become financially very dependent on the ECB and the EU because we agreed to bail out the banks, lock, stock and barrel. I am not saying it is all this Government's responsibility but I do not believe what is happening is very fair.

We are prepared to borrow crazy money to rescue the financial institutions but we will not even conceive of the idea of borrowing crazy money to invest. I understand it is very difficult given that we are already borrowing too much and that we are in a very difficult place. However, I do not accept that things will continue as they are and that it is fair for us to part with €1.25 billion. The Minister said it would upset the apple cart but I do not accept that he would be throwing the baby out with the bath water. I do not believe Europe will pull the plug if we refuse to pay unsecured bondholders in order to take a little bit better care of the less privileged in our society who are suffering dearly.

This would not be a draconian measure. This country has obeyed so many of the rules and adhered to the obligations of Europe that it would not be so draconian for us to withhold this money. It is legally possible.

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