Seanad debates

Wednesday, 24 November 2010

10:30 am

Photo of Fidelma Healy EamesFidelma Healy Eames (Fine Gael)

It is estimated that we need €10 billion a year just to service the debt. We simply will not be able to afford it and we cannot. We have reached a critical moment in the negotiations with the IMF, the European Union and the ECB and should not blow it. If the Government does, will it, please, hand over the mantle of responsibility to someone else? It should draw on every piece of advice available from every analyst who can help us to come up with options to get a better deal from the IMF and the European Union. Otherwise, we will not have a hope. The advice is that we should default. I have never recommended this in my life, but this issue is bigger than any of us. We need to get serious advice. The Leader should communicate this to the Minister for Finance, that we need to get the negotiations right on the bailout or the children who have not yet been born will pay for it forever.

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