David Cullinane (Sinn Fein)

I join with previous speakers in welcoming the announcement that the President of the European Parliament will address this House next week. Senator Bacik mentioned that group leaders would be able to make statements on the day. I seek clarification on this. While Sinn Féin is not a formal group in this House, on an occasion as auspicious as this, the Sinn Féin Party should have an opportunity to make an address.

I welcome the fact that Senators Sheahan and D'Arcy are listening to Deputy Pearse Doherty and the call from my party to burn the bondholders. The burden on this State of billions of euro which is being borrowed from the IMF and the European Central Bank to pay back bondholders is a noose around the necks of taxpayers. In one of the exchanges yesterday of which Senator Sheahan spoke, the Minister for Finance admitted that the true cost of the bailout - the profit that will be made by our so-called friends in Europe - will be €10 billion over the lifetime of the loans. The Minister also acknowledged that there would be cuts in expenditure of up to €4 billion next year. We also had the announcement of the closure of the accident and emergency services in Roscommon. Money is being taken out of public services and from the pockets of low-paid families and workers, yet we are paying billions of euro in profit to our so-called European partners, who are our friends. I remind the Fine Gael Party that although it gave a clear pre-election pledge that it would work with its partners in the European People's Party in the European Parliament to secure a renegotiation of the bailout deal, that has not happened. So much for having friends in high places in Europe. If that is how our friends treat us, how would our enemies treat us?