Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)

One can always point to this or that glimmer of light. We are all looking for such glimmers. However, the facts speak for themselves. It is not only the doom and gloom merchants - the Taoiseach describes us as such - who are criticising this approach. Christine Lagarde, someone very far away from me in terms of her viewpoint on economics and politics, is saying we are heading towards a 1930s style depression unless we solve our problems. The reason she is saying this is yet again today the IMF has downgraded its growth projections. The December figures for the retail sector in Ireland indicate that the sector is in real trouble. We are in decline and must face reality. There can be no jobs and growth without substantial investment. Investment has collapsed.

Where in the euro compact or among the EU leaders is the plan for us to achieve a recommencement of investment? I put it to the Taoiseach that there is none. The euro compact is about balancing the books with an ever diminishing cake. One can try to balance the books all one likes, but if the cake is diminishing, it means suffering and that there will be no economic growth. Where are the proposals for serious investment in the digital and other sectors which we know have the potential to develop? There is no sign of such investment. The reason for this is the Government's decision that all funds will be placed in the vaults of bondholders and banks. We are not the only ones who are saying this: Roubini and Stiglitz are saying it. Anyone looking at the situation objectively is saying this cannot work. Why, therefore, are we signing up to it? Why can we not at least have a debate on whether this is the best way to go?

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