Mary White (Fianna Fail)

I want the terms of our loans from the European Central Bank changed. Greece, Ireland and Portugal are being treated as Germany was treated when reparations were imposed on it after the First World War. Bondholders must face up the reality that they have to cut their losses and the terms of repayments should not be two or thee years. The interest rate on our loans must also be substantially reduced. If Europe is to reach a safe haven, the bondholders will be required to cut a definitive deal. The Taoiseach and Minister for Finance, both of whom I like having known them for many years, must get their act together. They must not be afraid of President Sarkozy who is intimidating us by refusing to allow the ECB interest rate to be reduced because he considers the Irish corporation tax rate too low. I ask the Leader to have the Taoiseach and Minister for Finance attend the House next week to show they are treating the Seanad with respect.