David Norris (Independent)

I second the amendment moved by Senator Fitzgerald. Will the terms of the memorandum of agreement be laid before both Houses of the Oireachtas in order that the representatives of the people can vote upon them? If not, in what sense can this Parliament be described as a democracy? Are we in the Oireachtas the servants of the people or merely the lackeys of our own morally and financially bankrupt banks and international financial interests?

Is the Leader aware that every single economist and financial commentator, irrespective of whether he is in favour of burning the bondholders, acknowledges now that the process of not burning them is immoral and penalises the Irish people for the mistakes, stupidity and greed of the banks? Is it not the case that this process is immoral, unjust, unethical and unfair? Acknowledging these facts, will the Leader state whether, in these circumstances, a proper financial system or a proper and just civil society can be sustained on a foundation of immorality, unfairness and injustice? Is the Leader aware that the Nobel prize winning economist, Paul Krugman, said, "And you have to wonder what it will take for serious people to realize that punishing the populace for the bankers' sins is worse than a crime; it's a mistake." In light of the fact that the director of the largest single bond investment group, Mr. El-Erian, whose name I put on the record of the House last week, has indicated that the bondholders should be burnt, will the Leader comment on this matter? Will he ensure the House will at least have an opportunity to vote on it?