Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael) | Oireachtas source

I will never forget the day I met my neighbours and heard how they had both decided to pack up with their three children and emigrate. This family were like thousands of others who suffered because of the ill-advised decisions made by the last Government. When this Government took over, we had only three months left before the money ran out. Our country was teetering on a cliff edge and we should not forget that stark reality. Let us not suffer a national amnesia about what happened to our country before the Government was elected. This Government took action with the help and support of the Irish people and turned this country's economic fortunes around. Tough financial and monetary decisions were made and the Irish people shouldered the economic crisis. The Government reduced the cost of the bank rescue, stabilised the economy, and reduced the bank costs from €64 billion to €40 billion by raising the value of the nationalised banks and facilitating some asset sales. Our country and our Irish people took the hit. We made really tough decisions and the Irish people met the responsibility.

A total of €15 billion was saved by burden sharing with subordinated and junior bondholders, of which €5 billion came under this Government. Why have a debt conference now when it will essentially be a talking shop that makes no real difference to our country and our people? I am not interested in rhetoric or playing at politics. Loudly and clearly, the Minister for Finance, Deputy Michael Noonan, said last night that our debt burden is sustainable. Ireland is on the road to recovery, has stability and can borrow on the international markets. The Government has taken huge strides to make our debt more sustainable and affordable and a conference will not help our position one iota. In fact, it will only muddy the waters. This is just another opportunity for the Opposition to harp on about what it would have done and how great its ideas are but I remind them of something. The Opposition's job is to oppose, which I understand, but those of us on the Government side have to do a real job. We are the ones who have reduced our unemployment rate in the last three years.

Deputy Mary Lou McDonald was on the radio on Monday talking about abolishing the water charges, but she could not explain where the money would be found to fund this fairy godmother promise. The Opposition is floating the idea of a debt write down for Greece and Ireland and whatever one is having one's self. This is a mere populist, media-hungry call with no real basis. It is a quick attempt at making the headlines. Saying no to a debt conference does not mean a lack of solidarity for other countries suffering debt problems. We are in solidarity with other EU countries, but we are also realistic. Ireland cannot be compared with Greece. We are not one of the PIGS countries. Greece has a 25% unemployment rate and is in a different place to us. While I wish its new Government well, I note that Ireland's economic forecasts are positive. The Central bank published projections yesterday that GDP would grow by 3.7% this year and 3.8% next year following growth of over 5% last year. Ireland's level of GDP is set to return to its pre-crisis peak. Let us look at the jobs market, where employment has increased by 80,000 jobs.

Our debt burden is not preventing economic growth. We are on track to exceed our job creation targets. These are the facts and this country is moving in the right direction. Of course, more needs to be done. More can always be done, but a talking shop debt conference will not help us one iota.

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