Results 1,341-1,360 of 26,396 for speaker:David Cullinane

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

David Cullinane: I cannot agree with such daftness, given the option of direct recapitalisation. That option should be available. We are asking states that are essentially bankrupt to borrow money to invest in a fund from which they will take back that money. I have not been reassured by the Minister of State's response. If anything, it has reinforced my opinion that the treaty will not work. It is...

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

David Cullinane: Fianna Fáil is very sensitive when it comes to Sinn Féin. We just ignore such comments at this stage.

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

David Cullinane: I did not know the Queen's visit was part of section 2.

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

David Cullinane: I thank the Minister of State for his response. He has incited my response to some of his comments. Senator Byrne mentioned a potential historic occurrence that might take place today. An even bigger historic occurrence was when the Minister of State, Deputy Brian Hayes, stated there is not much difference now between Sinn Féin and Fine Gael on these issues. I will remind him of that the...

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

David Cullinane: It is very relevant. The Minister of State made the point that those of us who oppose the Bill, including section 2, and the treaty are not living in the real world, as we ought to. Those of us who do not believe the current policies are working are told this continuously. The Minister of State was in opposition when a former Taoiseach said people who did not agree with his analysis of the...

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

David Cullinane: -----project itself is in the midst of a very real crisis that we all want to see solved in a way that makes life better for citizens, not just banks and bondholders. We want a better solution, a solution that will work. We simply do not believe the solution proposed will work. The Minister of State is referring to real-world solutions. The need for direct recapitalisation is one. I will...

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

David Cullinane: One cannot contribute to something and then take it back. It does not make sense to give to oneself.

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...