Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

The most important challenge for the people we represent is for the State to be in a position to borrow from banks and financial markets at a rate it can afford to fund hospitals, schools, social welfare payments and pension payments in a few weeks, months or years. The most important challenge we face if we want to rebuild confidence in our economy and if we want people to invest, consumers to spend and jobs to be created is to have certainty in the future regarding from where the money for the public services we all cherish will come. The question for those supporting the motion, therefore, is how unilateral action against the European Central Bank aids our State in doing this. How does unilateral action against the lender of last resort help our country to borrow in the future at a rate we can afford? Next year interest payments on our national debt will be between €6 billion and €7 billion, which is equivalent to the amount of tax collected in many of the big tax headings. If our country was to decide to renege on an agreement to the lender of last resort - which I wish had not been given but it was - why would other lenders decide to make money available to us? This is the challenge.

I have heard people on the other side of the House advocate going down the Argentinian route. I have not heard anyone else suggest the Argentinian route since a court in New York-----

See this speech in context