Kieran O'Donnell (Limerick City, Fine Gael)

Once again the Deputy is not presenting all the facts. Growth will be a key ingredient. If we achieve a reasonable level of growth, that will take care of that particular measure. Furthermore, as the Deputy will be well aware, most debt is never repaid by governments, they roll over the debt. We are in a difficult bind at present. We are in the IMF-EU programme and to access funding we have to borrow from that programme. We cannot borrow at any sort of reasonable rates on the international markets.

Our objective is twofold. We have to balance the books and the position in terms of the fiscal compact is difficult but we already have to balance the books. It is like getting funding from anywhere when one is overstretched, we have to bring the debt back to a manageable form, which is good housekeeping. Second, it will enable us to put in place the ingredients that are necessary for us to re-enter the markets. I want us to regain our financial sovereignty. Why would they give us money if our debt levels are very high and we are running a large overdraft on an annual basis?

If we vote "No" to this treaty, however, what will happen? This is what the "No" side needs to explain.

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