Sandra McLellan (Cork East, Sinn Fein)

Go raibh maith agat a Chathoirligh. I welcome the opportunity to speak on this motion tonight and I commend the Technical Group for putting it forward. It is a timely motion, given the Government's hand-over today. I commend the work of the range of groups and individuals who have organised to highlight this completely unreasonable, irrational and illogical position being taken by the Government. These include, among others, Bondwatch, the Ballyhea group, the Chattering Magpie, Namawinelake, the Fermoy group in my own area and the over-arching Not Our Debt group. Their efforts to raise awareness of this complex and technical area is welcome as is their commitment to resist it at every turn. The pressure they can bring to bear on Government will be important. They will need the support of Members in this House and tonight's vote provides us with a chance to voice our opposition to the Government's failed economic strategy. It gives Fine Gael and Labour Deputies the chance to change course.

The idea that this Government actually believes that paying this money is sensible, is tantamount to economic madness. It seems the negotiating position is analogous to a person sitting down with the bank manager and saying, "I can pay my bills. I can meet the repayments and I can pay on time. Now would you mind giving me a better deal?" It is preposterous.

The implication of December's budget is starting to hit home. Pupil-teacher ratios, household charges, water taxes, septic tank charges, changes to tax credits, social welfare payments; the list goes on. Families are really struggling. There is no work to be found yet this Government claims it is renegotiating a more jobs-friendly deal with the troika but this is not happening. Young people in their late teens and twenties are leaving in their droves. Housing, health, education and social welfare systems are experiencing severe pressure.

With regard to health service alone, one gets the sense that we are at breaking point. The Government's strategy seems to be a chaotic one. Communities across my own area have been up in arms about the handling of acute and emergency care services. Emergency and pre-emergency care in the HSE south region, with the looming threat to the accident and emergency department at Mallow General Hospital and plans to cut ambulance cover for vast rural communities, is leaving people very worried. This is compounded by the fact that plans to cut community nursing home beds will leave our elderly and infirm in a very vulnerable position.

In my home town of Youghal, as a direct result of this Government's economic strategy, the local community hospital faces bed closures. The exodus at the end of February, retirements, the recruitment embargo and the HSE's plan to close almost 900 community nursing home beds, are the reasons. St. Francis nursing home in Fermoy is also a casualty. The decisions will have a devastating effect on the quality of life of individuals, families and communities and they should be resisted at every opportunity.

The Government is intent on paying back the debt of speculators and gamblers at the expense of our most weak and defenceless. The language of the Taoiseach and other Cabinet members this week has been significant. The contention that they have delivered anything of significance is almost laughable, €10 billion saved over the lifetime of the programme. It is like Fine Gael and Labour turned up to the aftermath of a hurricane with a dustpan and brush. The dustpan and brush approach is failing. All of the important economic and social indicators say this.

Anglo Irish Bank is a dead bank and the market solution is that these bonds should not be paid. Even ignoring the market, the simple truth remains that Ireland has to plead inability to pay these bonds, for the sake of the people. The Greek Government is currently negotiating a discount of up to 70% with bondholders in the private sector and the ECB has not withdrawn liquidity. We are fulfilling programme requirements over and above what the Greeks are doing. We cannot be treated any differently.

When the Minister for Finance, Deputy Noonan, entered into negotiations with the ECB this week on a reduction in some of our banking debt, the sovereign bond market rates fell to under 6%. We were punished by the markets not because we threatened default and our inability to pay but rather because we said we would pay everything when it is clear we cannot do so. We seem constantly beholden to the markets but it seems they can see through this Government. Now might be a good time to start listening to the people.

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