Mick Wallace (Wexford, Independent) | Oireachtas source

It is my expectation that some form of debt relief will be put in place. When matters go to the brink, the European Union tends to do what needs to be done. An agreed scheme of debt mutualisation is essential for all economically troubled countries in Europe. For now, however, the Government must make clear to its counterparts in Europe that the social fabric of this country is under threat and that we are on the edge of an abyss as more and more people are driven into poverty. When the relief is eventually provided, some of the long-term damage may be irreparable. This country needs help now - waiting until after elections in other countries will inflict further wounds on those least able to deal with the pain. Austerity and the associated cutbacks in State expenditure are having a counterproductive effect. Moreover, the full calamitous impact of the cutbacks is still to be seen. The long-term outlook is very worrying in many ways.

Yesterday we learned that the troika was pushing for reform of repossession law in this country which, it claimed, was crucial to Ireland's economic recovery. A more general policy of repossession by financial institutions will not do much for social recovery. A report in the Financial Times today includes a comment by Noeline Blackwell of the Free Legal Advice Centres:

This is a social problem for the state because there is no social housing coming on stream and the mortgage to rent scheme is simply not happening. Lenders will also face problems trying to sell properties in a market that is scraping along the floor.

The notion that we should give the banks greater capacity to throw people out of their homes is a very frightening one and I hope the Government will not go down that track.

Following the decision to award the Nobel peace prize to the European Union, I ask the Tánaiste to remind his European colleagues of Alfred Nobel's stipulation in his will that the award should go to those who do most to achieve military disarmament. The reality is that Europe exports one third of the world's arms. The intra-Community transfer, ICT, directive, which amounts to a deregulation of the rules governing the export of arms, is cause for serious concern. I accept completely that the notion of France and Germany ever again going to war against each other is no longer credible. The idea of a united Europe was and is an excellent one. However, it is sad to see these countries so dependent on the arms industry for profits. They have been promoting it to such an extent that Greece which spent €7 billion importing arms last year was not allowed to cancel its arms purchase contracts, even though its citizens were hungry.

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