Gerry Adams (Louth, Sinn Fein)

Éist liom. To do so would be to break the commitment given at the European Council summit of 21 July 2011 when the leaders said they were "determined to continue to provide support to countries under programmes until they have regained market access, provided they successfully implement those programmes."

It would also have a devastating impact on the eurozone as a whole, if they did the contrary to what has been outlined, something no EU politician would be willing to risk. The policies of bank bailouts, promissory notes and crippling austerity, supported by Fianna Fáil, Fine Gael and Labour, have failed. There is an alternative which, once again, I commend to the Taoiseach. He should use the National Pensions Reserve Fund with its €5.3 billion to invest in jobs and growth. He should combine this with the resources of the European Investment Bank and utilise that to invest in various projects to get people back to work and to reinvigorate the economy.

We must cleanse the European banking system of toxic debts through a new round of rigorous stress tests and deleveraging followed by recapitalisation, where necessary, funded by the European Central Bank. The Taoiseach is negotiating the terms of the payment of interest rates and other elements of our debt but he must do much more than he has done. He must call a halt to the €3.1 billion annual payment to Anglo Irish Bank which will cost Irish taxpayers up to €76 billion before it concludes in 20 years' time. Extending the time will not help.

Next week Sinn Féin will launch a detailed analysis of the Government's austerity treaty outlining our alternative strategy for stabilising the economy, creating employment and reducing the State's debt and deficit. I will send copies to the Taoiseach and the Tánaiste. In the referendum campaign Sinn Féin will ask citizens to reject the treaty. The ard chomhairle met on Saturday and we considered all of these matters.

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