Jim Walsh (Fianna Fail)

As I understand it, we will gain a premium on the €1.3 billion in terms of the interest between the rate at which we can borrow it and the rate at which it will be loaned to Greece.

I seek a debate on competitiveness within the Irish economy. The issue that has arisen in recent weeks has illustrated how the Government, especially the Minister for Finance has approached the difficult banking and fiscal position. However, much more needs to be done on the fiscal side. We must set about significantly dismantling the growth in employment in the public sector which increased by 150,000 in the decade up to 2008. Restoring competitiveness in the economy is an essential issue. In that regard we should examine the regulatory authorities and in particular the impositions we put on small business with the various joint labour force agreements which were spawned by the partnership system.

I would also like us to examine infrastructure. We have invested heavily in road infrastructure, the evidence for which is to be seen all over the country to the benefit of everyone. I would like to see a similar concentration on broadband where there has been a dearth of investment. That is the next area on which we must concentrate.

We must examine the public service system. We will have difficulty affording wages and salaries in the public sector which are well in excess of the private sector. The public sector pension scheme could not be afforded by people in the private sector. It just would not be available as the terms would be so high that people could not afford them.