Paschal Donohoe (Fine Gael)

I support the points made by my colleagues on the actions that have been taken in regard to Anglo Irish Bank, in particular in recent days. It is worth emphasising, however, that in the eyes of the people who have been making the decisions about the future of the country, especially the financial markets, the game has moved on. They are now looking at completely different things in regard to this country. A small but growing number of commentators is now questioning the solvency of the country and our ability to fund it. I strongly believe that is the core issue on which the Oireachtas and the Government should now engage.

I wish to offer three small pieces of evidence to support that point. This morning it emerged that the financial markets believe that it is as risky to buy the Government debt of Brazil as it is of Ireland. They believe that buying the Government debt of many other countries, including Thailand, Malaysia, Israel, Greece, Chile, China and Slovakia is a safer bet than this country. Last week the German finance minister stated that the eurozone could not afford any small economy to be threatened. The question must be asked why he made that statement. Last week we saw evidence of huge capital outflows from the country. If we were looking at any other country we would be sounding warning bells about that. Perhaps because the implications are so grave there is almost a reluctance on our part to talk about this openly and engage upon it in the manner required.

I ask the Leader to make time available regularly in the House to do two things. First, we must speak loudly and clearly to those buying our bonds and debt that there is no risk to the solvency of our country this year and in coming years and, second, the steps that will be taken to ensure that does not happen must be outlined. Unfortunately, that is the only game in town. Risk is increasing and everybody who makes decisions outside Leinster House is talking about it. It is urgent that we do the same.