Mattie McGrath (Tipperary South, Independent) | Oireachtas source

Last week, a former IMF mission chief to Ireland, Mr. Ashoka Mody, stated that complete reliance on austerity was not reasonable and the construct for Ireland's rescue was wrong. These are plain and simple words, used in a moment of unusual honesty and humility and confirming what many observers have come to recognise. Austerity works, but only at the expense of hundreds of thousands of people losing their jobs and livelihoods, leaving families destroyed.

Of the suggested alternatives, the first choice was to force senior bondholders to bear some of the sovereign debt costs. Is the Tánaiste still here, as we heard the mantra many times from his side of the House? We had the phrase of "Labour's way or Frankfurt's way" off by heart from listening to it. A second choice would have been an offer of concessional official financing, with a third choice of imposing austerity. We know which was taken. The Labour Party Tánaiste may be gone because he is fearful of the text messages he may be receiving about the Croke Park agreement. I will not give an opinion on it but if the unions approve the agreement, it will be by the slightest margin because austerity has not worked. Promises were broken.

Mr. Mody was very honest but the Taoiseach's dismissive reply when he was confronted by the media was to label him as an old fuddy-duddy who has retired. We all know what was the position. These political measures are not working so will the Taoiseach at this late stage change tack and accept that the price of austerity is too high? It is crippling our economy and our families so will the Taoiseach give some chink of hope or light to our young people, ordinary workers, the so-called middle class and business people? They are not being helped in any way and austerity is clearly crippling our economy.

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