John Gerard Hanafin (Fianna Fail)

I call for a debate on the situation in Greece, especially in light of the fact we have a contrast between the cities of Dublin and Athens. One has the highest deficit in its budget in the EU zone. The other does not have a deficit as high, yet there is widespread anger, the IMF has been called in and there are riots on the streets. The way we have managed our economy, like the responsibility that now rests with union members as regards the Croke Park agreement, cannot be overstated. On this day, when we remember the selfless sacrifice of the men of 1916, we are called on again to be responsible, to do what is right for this nation and to ensure the stability of the finances of this nation. When one loses financial control, one loses part of one's sovereignty. Economic commentators are saying that Goldman Sachs was behind the hedge funds that hid the amount of debt that Greece currently holds. We need to reflect on the record of Goldman Sachs in selling sub-prime loans and betting against the consequences of sub-prime lending, which has recently come to light. Is it the case that those who gave loans to Greece are now betting against the euro? It is time for a cross-national supervisory body to be established to ensure systemic risk, including sovereign debt, is managed properly.

I am pleased we will have a debate on ministerial pensions. As I recall it, such pensions were introduced at a time when Members of the Oireachtas were not particularly well paid. It was suggested that when Ministers went out of office, their pensions should be paid early so that they would not be lost to politics. There is no doubt that Oireachtas pay has improved. If it was wrong for these pensions to be paid yesterday, last week, last month, last year or five years ago, why is it only now, when the media are concentrating on this issue, that the Opposition is raising it?