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

As was mentioned earlier, today outside the Dáil the parents of special needs children who have had domiciliary care allowances cut were protesting as were lone parents who are threatened with a cut in the one parent family payment when their children reach the age of seven and who believe it will drive them out of work. More generally, these protests are part of a growing revolt throughout Europe against the failed policies of austerity and cuts. In recent weeks we have seen massive demonstrations and strikes against austerity in Spain, Italy and Portugal. Now in France, Austria and the Netherlands governments are being rejected by the people because of their attempts to impose the failed and disastrous policy of austerity.

The latest EUROSTAT purchasing managers index figures show bond yields increasing in Spain and Italy with stock markets panicking. All of this indicates the agenda of austerity is not working and is strangling the European economy with debt. Against this background why, for heaven's sake, is the Government promoting a treaty that will demand, in order to meet its targets, even more cuts and austerity being imposed on the people of the country? If the Dutch economy, which is one of the strongest economies in Europe, is unwilling and unable to impose EU austerity targets and cuts, how on earth can our traumatised and damaged economy sustain the level of cuts and austerity that would be required to meet the targets of the fiscal treaty?

Will the Taoiseach inform the House and the public how much precisely in terms of cuts will be required to meet the targets of the fiscal treaty if we exit the troika programme in 2015? Estimates suggest it will require €6 billion at least to meet the deficit targets and in the region of €4.5 billion annually for a decade or more to reach the debt to GDP ratio targets. This level of cuts will destroy our economy and society. If the Taoiseach disagrees with this, will he tell us how much in cuts will be necessary to meet the targets if we endorse the treaty?

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