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

I accept the fiscal treaty was discussed at length. The Government won the debate. There is no question about that - through fear in my opinion - but the Government did win the debate. However, it is dishonest to suggest there has been a full public discussion of the serious issues that arise out of the ESM because it is not just a benevolent fund. It raises serious questions about the potential cost to the State of establishing the ESM in the event of a further bank meltdown across the eurozone, which is now looking seriously likely given what is happening in Spain and the knock-on effects we are likely to see in France and elsewhere. To be honest, there could be a call on the State of €11 billion or more. This is what the treaty allows.

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