Pádraig Mac Lochlainn (Donegal North East, Sinn Fein)

I always enjoy listening to speeches of the Minister of State, Deputy Brian Hayes. I read his article in the Sunday Independent recently where he wrote of the reds under the bed of Sinn Féin, the threat to the State and all the madness with which he goes on about Sinn Féin. It has been his track record for many years, but at this stage he really would need to cop himself on as regards that type of nonsense and rhetoric. It might receive an audience with the editor of the Sunday Independent but it certainly will not receive an audience with the types of communities that he is supposed to represent in Dublin South-West. He would want to listen a little more to those he represents.

On the specifics, let us be clear that there is no solution to Ireland's economic crisis or Europe's economic crisis in the austerity treaty. This treaty is about the need for the German Chancellor, Dr. Angela Merkel, to be re-elected. It is about the need for Dr. Merkel to put out a narrative that what caused the economic crisis we face in Europe was fiscal indiscipline.

As Deputy Brian Hayes spoke of Maastricht and how he voted for it, let us look at the record here in Ireland. For most of the 11 or 12 years since the State has been a member of the eurozone, it was below the 3% deficit ceiling and within the debt-to-GDP ratio target of 60%. Ireland met those targets for most of those years. We stopped reaching those targets when we were saddled with the horrendous banking debt at the insistence of the European Central Bank, at the folly of the Government and in the betrayal of the people. The economic crisis in Ireland was caused not by the failure to meet some set of arbitrary targets but by the fact that the people were saddled with profound banking debt.

There are three core elements to the crisis in Europe: the banking crisis; the sovereign debt crisis; and the investment and unemployment crisis. The Government does not have a solution to those three issues. It does not have a real and radical reform of the financial and banking sector. What we see are those within an ideology - I accept Deputy Brian Hayes shares this as he is right-wing and a Thatcherite politician - such as the technocratic Prime Minister of Italy, Mr. Mario Monti, the technocratic Prime Minister of Greece, Mr. Papademos, and the man in charge of the European Central Bank, whose common denominator is that they come from the Goldman Sachs philosophy. When the Greek Prime Minister dared to suggest a referendum, he was quickly shunted aside and replaced by a technocratic Prime Minister from the exact same ideology of unfettered, unbridled right-wing capitalism that has failed, not only Europe but the United States and much of the global economy at this time.

As to whether there is a redirection of Deputy Brian Hayes's ideology and whether there is any humility that he might have been wrong in following that ideology all of those years, seeking to bring down public services and workers' terms and pay, to privatise public services, to provide for light-touch regulation and deregulation, and to let the markets grow with trickle-down benefit for all of the people on the ground, there is none whatsoever. It is more of the same. That is what this austerity treaty is about and that is why Sinn Féin opposes it.

We are not alone. The European Trade Union Confederation has given a damning analysis of this treaty. The expected next President of France, M. Hollande, stated he will seek to renegotiate this. The Dutch Labour Party states it will look to oppose this if it cannot get guarantees around deficits that are unreasonable. The Minister of State's colleagues in the right-wing Government in Spain are seeking renegotiation. These arbitrary targets are not going to solve our economic crisis and that is the basis on which we oppose it.

I listened with great interest to the Taoiseach, the Minister of State, Deputy Brian Hayes, and his colleagues in Government express their serious concern that the backstop, to quote the Minister of State's terminology, of the European stability mechanism would be lost to the Irish people if we were to reject this treaty or if we dared just to take this treaty on its merits or demerits. If the Government is so concerned about it, and if it is serious and real, it has the capacity to stop it happening. We know it conceded it in the negotiations but it now has the opportunity to stop this happening because it can veto it. The amendment to Article 136 of the Treaty on the Functioning of the European Union is something the Government has the capacity to veto - that is a reality. It can stop this happening. It can refuse to bring this legislation before the House and give the Irish people their right to look at this treaty without the threat of access to future funding - it can do all of that if it chooses. Otherwise, will it actively collude in this blackmail and threat? It can give us no other description than that.

When I check my dictionary and read the objective of that clause put into the preamble, I can only come to this conclusion. Let us be very clear, in case the Government tries to muddy the waters. We are challenging the Government to put its money where its mouth is. If it is concerned about this issue and attempts to use it during the campaign, we will remind the Government, if it votes against this motion, that this was its choice. It colluded in it and is part of that agenda.

Let us look at the whole issue of alternatives and what Sinn Féin has said in regard to the banking crisis. Most reasonable economists would agree it is long overdue that we had rigorous stress testing of the European core banks, the large banks that were responsible for the recklessness and lending that took place in the periphery, to private banks in the Irish case. We need the full facts to be on the table regarding all of these derivatives, securitisation agendas and credit default swaps. Everything they were involved in needs to be on the table and a cleansing of the banking system needs to take place. When that takes place, on a case-by-case basis, we should have de-leveraging and then recapitalisation on a sensible, prudent, case-by-case basis. Of course, that has not happened at all.

We then need to look at the issue of sovereign debt. The Minister of State tells us we might be able to transfer this promissory note for a bond and kick the can down the road. However, there is no writedown of our debt, this unjust burden that was put on our people. We were saddled with the full impact of this crisis. It is remarkable that we have no deal for our people. How can we sustain growth? How can we really have a plan if we do not get a fair deal - a writedown - in the short, medium and long term for the interests of our people?

Next is the issue of investment and unemployment. It is not just Ireland that is impacted in this way. Spain has half of its young people out of work. Unemployment is rife, particularly across what are known as the peripheral states. Austerity has been an absolute failure. Those on what would be called the progressive left, with all its different elements in the social democratic movements and trade union movements, are stinging in their criticism of this agenda, this right wing coup that has taken place, and which I understand the Minister of State, Deputy Brian Hayes, supports because it is part of his ideology. It is a grave injustice to our people.

What could be done? There is the National Pensions Reserve Fund of €5.3 billion. We could ally those resources with the potential of the European Investment Bank, which has a track record of prudence and investment with return. We could look at next generation broadband, on which there was a presentation in this House. Imagine what it would do for Ireland's economy if we could roll out next generation broadband, which is doable. We could have a real plan supporting our small businesses and linking them to export opportunities. We could give entrepreneurism hope. We could give hope to the people who are queuing up for the overseas jobs expo.

No hope can be given to our people in this way. We must fit in to this crazy, right wing coup that is taking place in Europe. This is strange to me when one considers that what has caused this crisis is a fundamental failure of that ideology. Deregulation left the financiers free to do their job, and look at the disaster it has brought upon our people. These are the reasons we have opposed this treaty and these are the solutions we offer up.

What I find interesting is the speaking out of the side of the mouth-type language that we would need a backstop and that we could not access support if we reject this treaty. As Deputy Shane Ross said, we have the most compliant Taoiseach. This is the most complaint Government in all of Europe in regard to these issues. The reality is that our people, at the insistence of the European Central Bank and due to the past and ongoing folly of our politicians, have been left to carry the can for a fundamental failure that was not Irish in its genesis but European and global. We have met all the targets we have been asked to meet. We have delivered punishing austerity on our people. We have met every troika demand, and every quarter it comes here to tell us so. How can the Minister of State possibly suggest that, having been the most compliant Government and people in Europe, we would be refused access if we needed it again? It is patent nonsense.

What Sinn Féin is asking the Government to do is to remove the scare tactics from this debate, to take away the threats from a people who are weary, a people who have had to carry the burden for what was a European financial crisis, which was fundamentally a failure of the European banking system and of global capitalism. Our people have carried that burden for too long. What we want is a plan and a strategy for growth and jobs that is real, just and fair.

The Minister of State talks about extraneous issues. This is the extraneous issue of this campaign, namely, the threat that we could not access support if we reject this treaty. I ask the Minister of State and the Government to do the right thing. If it is sincere in its concern, then our motion is reasonable. The Government should not put through this legislation. It should give the Irish people their say and give them clear space to look at this treaty and decide whether we can really meet these targets and move with more austerity. That is the question we put. The Minister of State should not muddy the waters or have any doubt about our approach in this regard.

I understand, Minister of State, that you are a right wing politician, a Thatcherite politician. You are into "reds under the bed"-type articles in newspapers. That has been your track record and long may it continue because it inspires us to work even harder for our communities.

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