Andrew Doyle (Wicklow, Fine Gael) | Oireachtas source

I do not normally become engaged in some of what passes for combative discussion or debate across the Chamber. I am somewhat amused by the current debate. If I was to summarise the opinion of the Opposition, it would be something like this. It said it could not be done and now it is saying it should not have been done. We were told that in the likely event that we were not going to get a deal on the promissory note, we had to take actions X, Y and Z. We have now secured all the things the Opposition said would not be achieved. I have heard Germany and its bond debt mentioned. We should remember that when Germany secured its loans internationally on two occasions in the 20th century, its economy was on its knees. Due to the structure of those loans, Germany was able to grow its economy to the extent that it is now the largest economy in Europe, probably the third largest economy in the world and the largest exporter in Europe. During that time, it had to spend ten years absorbing the impact of the reunification of the country when it took the East German mark on a one-for-one basis. It still managed to come out the other side because its debt was structured in such a way that it allowed it to do it and grow its economy in such a dramatic fashion. Germany has learned its lessons and that is what we need to do.

Some say that the best outcome would have been to default - proponents say write down but it is the same thing - knowing full well that this would never happen and we would never have to live with the consequences of that action. We have only to look at the markets' response.

Everyone knows the market has no sentiment, but bond market investors will finance the country when we exit the programme, I hope at the end of the year. With this in mind, it was folly for some to wait until the weekend to devise a new plan to counter what had been a significant achievement. They then had the audacity to say that because the guillotine on the debate had been lifted, they wanted more time to speak because they were the only ones with the authority to offer an opinion on it. It is galling. I do not get annoyed too often, but speakers this morning were patronising. I am referring to my colleagues, but I will not get personal. The rest of us also have an opinion on the issue. Some of us survived in business through the 1980s and 1990s. We had to pay our way and pay our workers, through bad times, with double digit inflation and interest rates at nearly 20%, but we survived. It is a question of survival and I am confident the country will survive.

The country has been held back by three significant obstacles, one of which is the bank debt which is in two parts. We need to work immediately on one side of that debt. The Department of Finance and diplomatic staff are exploring every means of engagement to secure our debt. The ESM has to be fully established and funded. The third obstacle is personal debt. The Government and the Oireachtas, elected by the people, need to seek a better deal from the banks to ensure personal debt is dealt with. The domestic economy depends on it. A number of factors have made us realise the fragility of the agri-food sector. Ireland, the FSAI and the Department of Agriculture, Food and the Marine, will be applauded at some stage for taking the required actions, even though there was criticism levelled at them initially.

Deputy Frank Feighan is correct that the Opposition has plenty of opportunities to take a pot at the Government and call it to heel, as is its duty. However, on this occasion it would have been preferable to acknowledge that we had done what some thought we could not do. It is time to move on because that is in all our interests.

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