Joe Higgins (Dublin West, Socialist Party)

In the Taoiseach's extraordinary letter to the President of the European Council, Van Rompuy, he stated that by not imposing losses on unsubordinated bank bondholders, the Irish people have paid an extraordinarily high price to protect the wider European banking system from contagion. Is it not pathetic for the Taoiseach to appeal to a leading eurocrat on the basis of being prepared to bleed the Irish people dry economically to save the speculating bankers and bondholders in Europe? When the Taoiseach refers to "contagion", does he realise it is the language of the financial markets to the effect they move from country to country gambling and blackmailing entire societies to gouge ever higher interest rates and private profits from them? Does the Taoiseach believe this should be stood up to rather than bowed down before? How can he justify continuing the beggaring of the Irish, Greek, Italian and Spanish peoples by acquiescing to this arrangement?

Does the Taoiseach accept the bones of the agreement, which is all we know, are the institutionalisation of the diktats of those very markets? Will he accept that it, therefore, means the institutionalising of horrific austerity and the spancelling of countries which will stop them going beyond their borrowing limits which may be necessary at times for, say, job investment?

Whatever the lawyers say about whether a referendum is needed constitutionally — which I believe it is — giving such enormous powers to the European Commission and EU generally to hammer member states needs, as a matter of principle, to be referred to the Irish people. Accordingly, the Taoiseach should say today that there will be a referendum and the people will be consulted.

Will the Tánaiste and Minister for Foreign Affairs, Deputy Gilmore, explain the position of the Labour Party on a referendum? Has he noted the fear expressed in the Irish and European establishment that going to the Irish people might result in a rejection of this agreement and, therefore, throwing a spanner in their works? Will he agree this is not a reason not to go to the Irish people and, instead, also declare there will be a referendum?

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