Seán Crowe (Dublin South West, Sinn Fein) | Oireachtas source

It is not clear what they have stated. Olli Rehn predicted a deal on Ireland’s banking debt would be concluded before the end of October. He got it wrong. Backsliding by other EU countries since June means that not a single element in the agreement has moved closer to implementation. We know ordinary people are struggling across Europe. Governments and their leaders are failing these people through their inability to deliver a deal on this mountain of debt. Just this week, the Irish League of Credit Unions pointed out that 1.3 million adults have only €50 left to spend after paying essential bills each month yet €20 billion has been given to the banks under the Government’s watch. Does Merkel appreciate the sacrifices Irish people have made to save German bondholders?

The Government’s procrastination over securing a deal on our debt is hurting ordinary families and households. It is not just an Irish problem now as it affects the whole of Europe. The most important job for the Government is to ensure private banking debt does not continue to impoverish more and more Irish taxpayers.

We need a deal on debt soon, rather than rhetoric or unclear statements from European Union leaders. We need a real deal that will make a difference to struggling families throughout the State. I am keen to see the best deal delivered for the people. As I said last week, many Irish people believe that we do not have the best negotiators on our side. People have said to me that this is among their concerns. The "softly, softly" strategy we have adopted is not delivering for Ireland. The Irish national debt combined with the level of personal debt is unsustainable. A constituency colleague of mine, the Minister of State at the Department of Finance, Deputy Hayes, reiterated this point on "Prime Time". We need a deal on debt and we need certainty on whatever will be in the deal. We cannot afford to wait until March for clarity on any deal. That is my message and my view although perhaps others will disagree with it.

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