Paschal Donohoe (Fine Gael)

Like my colleagues, I strongly condemn what happened yesterday to the Minister for Health and Children, Deputy Harney. The biggest wonder about it is not the actual event but, unfortunately, that it has taken so long to happen. We acknowledge time and again in this House the desperate state of the economy. Let us consider what the bond markets are saying today. Colleagues have already touched on the fact that the bond yields have increased beyond 7%. Today the financial markets believe there is a chance of approximately 40% that Ireland will default on its debt next year. Those are the figures. The fear within the financial markets is felt to the bones by the people we serve.

We talk of the need for politicians to be respected. We are in circumstances in which the political system, and the Government in particular, must regain respect. It must do so in two ways. First, the budget the Government is considering should be brought forward. If the markets do not have time to understand what the budget is and how it fits in with an overall strategy, there is a greater chance of it being misinterpreted and of there being no calm deliberation thereon. We would then end up in a perilous place in January.

The second way involves the entire political system. While I know responsibility sits with the Government, I believe that if any Member on this side of the House says he or she is against something, he or she will have to state what he or she would do differently. We will have to do this because the problems will not go away. If there is a new Government in place tomorrow, a fresh mandate, of itself, will not solve the difficulties we are in. There must be clear willingness to say what will be done differently. Otherwise we will add to the problem rather than take away from it.