Results 25,481-25,500 of 26,857 for speaker:David Cullinane

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: If they do not agree with the real solution, that is their problem.

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: That makes perfect sense.

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: The Senator clearly did not listen to a word we said. I will repeat my comments when we discuss the section.

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: Credit unions.

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: Sinn Féin always wanted to go to the bond markets.

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: Logic dictates that if one opposed section 2, one would also oppose section 3, unless one was convinced by the Minister of State's arguments, which we were not. I will make some general points on the ESM and respond to the Minister of State's contribution in which he asked for an alternative. It is important to spell out the alternative, or at least the proposition Sinn Féin is putting...

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: Of course, we could borrow. However, it makes perfect sense that one would try to grow the economy, which in turn would grow revenue. Growing the economy, revenue and finance is the easiest way to heal the difference between what one takes in and what one spends. That is why we have called for a jobs strategy and a growth strategy that would underpin a different deficit reduction strategy...

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: The Minister of State asked for responses and he said that no response had been made. We are talking about the ESM treaty, which in some respects is convoluted. The other strategy would be to devise a different way to deal with the banks. The Government has said it wants to deal with the problem by means of promissory notes, yet what we are seeing is the most convoluted system I have ever...

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: That would be the best way to do it. One option that could be examined would be for the ECB to print money. It would be different if we had to make a contribution to a different scheme but we will not support a contribution to the scheme that is before the House. We want a genuine mechanism of solidarity. We do not believe this mechanism is such. That is why we do not want to provide the...

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: I contend that what we are dealing with is not realistic.

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: I clearly remember in the 2007 general election my party was described as economic illiterates by a party which then went on to devastate the economy. I do not know whether the Minister of State will agree but it was the very policies we warned against-----

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: -----that created the sheer disaster we have in the economy at the moment. It is interesting to note that what keeps coming up over and over again is that somehow Sinn Féin's policies would wreck the economy. The economy is wrecked. It is the policies we warned against that were at fault. There are genuine alternatives. Some of the proposals we advocated were about having proper...

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: The reason for that is because they think the policies that were pursued previously and are being pursued now are wrong. Senator Norris made the point that the reason bondholders invest in Germany and are still investing in France and elsewhere is because they believe those countries can pay the money back. They do not believe we can pay the money back because they see us continuously...

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: -----but the reality is that we can have all the debates we like and they can involve banter and humour but the serious question we must examine is whether we are on the right road.

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: That is what I am talking about: whether we are on the right road, if the policies will work, if the ESM will work and if it will be a firewall. I do not believe it will be. I will finish on this point. Every single time Europe presents a solution, we end up with a new crisis. This week's summit is another crisis summit. I am sure there will be discussion of more steps that must be taken...

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: I do not think those figures are right. The Senator needs a calculator.

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: It has gone up in recent weeks, as the Senator might have noticed.

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: After the referendum.

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: That is not what I said. The Senator should not misrepresent what I said.

Seanad: European Stability Mechanism Bill 2012: Committee and Remaining Stages (27 Jun 2012)

David Cullinane: It is not an ideal situation. There are times when one needs to borrow. The Senator should have listened to what I said.