Mattie McGrath (Tipperary South, Independent) | Oireachtas source

I thank the Taoiseach for his reply but, sadly, it reminds me of something I read during the week about how getting worse more slowly is not the same as getting better. It is time for the Taoiseach to learn that message. He had seen the books before the last election and knew the situation but he has heaped austerity upon austerity. People cannot take any more and when more is taken from people's pockets, they have less to spend or contribute via taxation. The economy is slowing as a result. There is no point in dismissing the views of those who tell us the obvious conclusion that austerity has failed, as it has in other countries.

I welcome the extension given in repaying our debt but the bottom line is that the gross sum is morally wrong and crippling. The senior bondholders emerged from the process scot free and, to make it worse, I learned recently that all those people had their reckless investments insured, so they would have been safe anyway. We are being held up as the poster boys of Europe and a model for other countries but the price is too high. When will the Taoiseach realise that? Must there be another couple of dozen Labour Party backbenchers on this side of the House before he listens and changes his ways in the interest of saving our country?

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