Mary White (Fianna Fail)

The Minister of State, Deputy McGinley, stated the Taoiseach would like this Seanad to be the most efficient and effective ever. The European Council is meeting today and tomorrow and unless we have financial statesmanship we will all be in trouble. Speaking yesterday at the awards ceremony of my nominating body, the Irish Exporters Association Limited, Peter Sutherland, who received the gold medal for his work on the Irish economy, stated the EU has been incoherent and inadequate in its response to the financial crisis. He stated it was an understatement how ineffective it is. He pointed out all the good things but stated Ireland is being treated unfairly internationally. We are not like Greece and Portugal - he did not state this, it is my view. We have, in many senses, a dual economy. Our export sector is outstanding, recording a 9.5% increase in exports in 12 months, while foreign direct investment has increased by 20% since 2009. Our dynamic export sector is thanks to the work of the previous Fianna Fáil-led Government. According to one index, Ireland is the most favoured location in the world for foreign direct investment. What is wrong with a country in this position?

On the financial side, Ireland is being screwed into the ground by bondholders.