Larry Butler (Independent)

I welcome some of the comments from the other side of the House. Senator Healy Eames put her finger on the pulse. We have to negotiate a much better deal with the ECB and the IMF. We now have to get tough, hang in there and say, in effect, "We owe you a lot of money, but you're not doing your job". The ECB certainly has done nothing in terms of helping any of the countries in Europe over the last few years. There was no plan, and it is important that we bear this in mind.

If one looks at America or China, one sees that they are printing money, devaluing their currencies and in this manner facilitating competitiveness as regards selling their products on world markets. The big problem with Europe is that the euro is still strong. However, major contagion will arise from the Irish problem. That will extend to Italy, Portugal and Spain and then the ECB will begin to act. We should not pay a cent more than 2% in interest for the money that is coming to us. It is vitally important, or we will put the country in penury for the next 20 years if we overpay for this particular loan. Senator Healy Eames is totally right and I support her argument, because it is vitally important. Even at this late stage we should ensure we send in a crack team to negotiate what our interest payments should be over the next 20 years.