Gerry Adams (Louth, Sinn Fein) | Oireachtas source

As the Taoiseach noted, the European Council meeting took place in December and much has happened since. Not least of these events was the historic and groundbreaking election in Greece. I congratulate the new Greek Prime Minister, as the election result was a victory for hope over fear, which opens up a real prospect of democratic change not just for the people of Greece, but for citizens right across the European Union. The new Greek Government is seeking to renegotiate Greece's debt burden. Despite the impression created by the scaremongering of some, including the Taoiseach, it is not threatening a unilateral default. The Greek Prime Minister, Mr. Tsipras, has called for Greece's debt burden to be considered within a broader restructuring of sovereign debt in the eurozone. He has also raised the demand for a European debt conference. This is a proposal which the Tánaiste said "has some merit", although when I asked the Taoiseach last week for his position, he bluntly rejected the idea. Why did he do so and did he consult with the Tánaiste about this? Did she know the Taoiseach would rule out this initiative? It makes absolutely no sense for a Taoiseach and Government of a state with a debt-to-GDP ratio of 111% to say "No" to a debt conference.

The citizens of this State should not have to depend on Greece to propose something which is so obviously in the interests of this State and its citizens. The Taoiseach's negotiating track record in the EU and on Ireland's debt has been utterly pathetic. He has committed at every turn to repaying every cent of the toxic Anglo Irish Bank debt and completely surrendered on the recapitalisation of the pillar banks. The Government has refused to negotiate in any serious way at an international level in the best interests of the Irish people and, instead, it has inflicted widespread hardship on Irish citizens and damage to this society, leading to inequality in communities across the State.

The latest Central Statistics Office statistics indicate that the number of children in poverty has risen to 140,000 and that the Government will miss anti-poverty targets, with more than a third of young people in the State experiencing enforced deprivation. Sinn Féin has never indicated that the Irish people should have to pay private bank debt. It is not the people's debt but that of a small elite who caused the financial and economic crisis. The reality is that €62 billion in loans were in the hands of just 190 people. It was not about Paddy going mad, as the Taoiseach famously said at Davos one time. There was a small golden circle, and 50% of the loan book of Anglo Irish Bank was held by just 20 individuals. Irish Nationwide was a similar example. The original bank guarantee was introduced by the previous Administration but it was renewed at least twice by this Government. Ordinary people have paid and are paying the price. The Government turned private debt into sovereign debt, and this has left a legacy of debt for generations to come.

The Fine Gael and Labour parties, despite their election rhetoric, rolled over on this issue. Interestingly enough, the Government rubbished our notion of separating sovereign debt from banking debt - burden sharing - but it is now EU policy. We will continue to push for the European Union to honour its obligations for unfairly forcing this debt on Irish people. The Government has had the option to apply for retrospective recapitalisation of bank debt in AIB and Bank of Ireland but so far it has not been achieved. Why is that? Meanwhile, at the most recent visit to Davos, the Taoiseach advised European leaders to press on with the austerity agenda and ignore growing demands for a more thoughtful and sensible way to deal with European debt. He dismissed democratic demands as populism but the Taoiseach has no mandate to act as an adviser to the EU elite and its friends. His remarks make it clear that this Government is ideologically wedded to austerity and has no interest in seeking a better, fairer deal for Irish citizens.

We support the growing cause for a debt conference that will make debt sustainable and fair. There is a need for an honest debate based on proposals rather than scare tactics from a Government which has demonstrated it is not prepared to consider alternatives to what it has already promoted.

Can the Taoiseach outline any logical reason he will not support a debt conference? The ECB's move on quantitative easing last week was welcome, and Deputy Doherty has argued that cause for a long time in this Chamber and outside it, but it is only one part of what is needed for economic recovery. The two other parts are a change in fiscal policy and a debt conference. Providing extra credit to over-indebted countries will not make their debt any more sustainable and it is a measure of this State's status that the Central Bank of Ireland did not even have a vote on this matter. Will the Taoiseach reflect on his rejection of this initiative and, having done so, will he, as the Tánaiste suggested, see that such a conference has some merit and, accordingly, on behalf of the Irish people, will he support a debt conference? Will he ask for relief of unfair bank debt and will he raise these matters in his meetings next week with President Tusk and President Juncker? Will he take the opportunity to apply for retrospective recapitalisation of pillar banks, as he promised and as he predicted so long ago?

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