Fidelma Healy Eames (Fine Gael)

I am saddened by the story Senator McFadden has just shared with the House, but that is the reality we face today. We need to look at the real issues affecting people's lives. In that regard, the 5.8% interest rate negotiated by the Government for the people will make matters worse. It has protected the elite and status quo in Europe. An interest rate of 5.8% is untenable. This will necessitate €8.5 billion interest repayable by Irish people in 2014. Fine Gael is right to look to renegotiate that deal. I recommend we tear it up because we cannot afford it. Why does the Government want to commit more families to darkness and starvation? The Government's actions now say it is not acting for the Irish people. The deal acts against the people.

I have three questions for the Leader. Why did the Government not use its negotiating power to force the ECB to account for its role in allowing French and German banks recklessly lend to Irish banks? That was the source of the trouble. I think the Government negotiators were desperately poor negotiators. The question should also have been asked with regard to the ECB's role in saying the blanket guarantee should be given on that fateful night. The Government had it in its hands to hammer home a great deal for Ireland, but it blew it. Finally, why was a new beet industry not a precondition of the negotiations? The European Union has stated that our beet industry was wrongfully closed. The Government has done a damn bad job for Ireland and I am disgusted. We must change this. It is very undemocratic that the Government would not open the issue to debate and a vote in both Houses.