Ciarán Cannon (Fine Gael)

We are debating the four-year plan this evening and I advise Members beforehand to go back to their offices and watch the Vincent Browne show from last night on TV3.

The debate to date on the bailout issue has been clouded in obfuscation and deceit, and for once over 45 minutes last night that cloud was lifted and we saw the first honesty and clarity from commentators who have been remarkable prescient and uncannily accurate in every prediction they have made to date on the Irish economic crisis. Ireland, as country of 4 million people, simply cannot sustain the debt that is going to be loaded on to us, our children and grandchildren. Senator O'Toole spoke earlier of the positive aspects of economy, both the indigenous economy and the moneys accruing from foreign direct investment. That is very true, but it will rapidly come to a halt if we saddle our country with a debt that requires us to pay, conservatively, €8 billion to €10 billion per year in interest repayments.

We need to acknowledge very quickly, however, that we are in a remarkable position of power in these negotiations. The very future of the euro as a project is at stake and we need to realise honestly that the banking debt, which is not of our making, should not be our problem. Pouring cash into that black hole is simply theft from the Irish taxpayer and cannot and should not be sustained. We are now in a position of power, and we should capitalise on this.