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

On the basis of what the Minister is telling us it is difficult not to see this entire negotiation and the debate around it as a complex accountancy trick to convince people that progress is being made on this issue when, in fact, very little is happening. If I understood correctly, he said we do not have to borrow the €3.1 billion this year but that this will have an effect on our deficit to the tune of some €90 million. Will the Minister clarify whether that is the consequence of this rather complex arrangement? If our deficit is increased as a result, does this mean there will be a corresponding requirement for additional cuts in expenditure in order to meet our deficit target of €8.6 billion? Setting that aside, does he accept that whatever deal he is pushing for will make absolutely no difference in terms of the austerity being imposed on ordinary people? He is essentially confirming the Government's commitment to pay Anglo Irish Bank's €30.6 billion in gambling debts, plus interest, while merely expressing the hope that this interest, pending negotiations, will be somewhat reduced over time. Not only has he confirmed the Government's intention to repay all of the bank's gambling debts but the period for which the Irish people will be subject to austerity, which is further enshrined in the fiscal compact, will be extended. The reduction in our debt to GDP ratio which is required under the compact will be affected by the fact that this €3.1 billion is simply being kicked down the road. Does the Minister accept there will be no let-up in austerity but instead an extension of the period of austerity?

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