Jim Walsh (Fianna Fail)

There was nothing about public service numbers, public service pay, the social welfare system and the rate of social welfare payments or wasteful expenditure throughout the public service. None of those targets was identified. If this treaty is to be passed - I wish to see it passed - the issue of combining banking debt with sovereign debt is considerable. As a country we are culpable for following pro-cyclical policies and we have accepted that. However, the ECB and the especially the German and French banks were participatory in what occurred in this country and elsewhere because of over-liquefying the banking systems. I disagree fundamentally with the spokespeople for the ECB who maintain that we must take all of it. There is no way this country is in a position, nor should the taxpayer be asked, to accept the full burden. We must play our part and I do not suggest the German or French banks should play their part but they must accept some of it. This message must be driven home. I am concerned that, when it comes to it, the people may decide that the message might overhang the decision they must make.

I believe the Government parties may be caught on their own petard. For the past four years they have said that the deal arranged with the EU, IMF and the ECB, that is, the troika, was an abrogation of our sovereignty. That sounded good politically but it was not the case and the Government parties knew it. Instead, it involved going with the terms of the people who were lending money to us. Whether at private or sovereign level, no one lends money without knowing the borrower is putting his house in order such that he can repay it. It was no more than that. The issue of the loss of sovereignty will arise in this referendum. The Government parties should admit to the people that their statements were purely for political consumption, gain and advantage. They will be faced with this issue in the debate. An element of reality and straight speaking must be forthcoming but I have not seen to date. I urge the Government parties to start it now as a matter of urgency because, as other speakers have said, we only get one bite at this cherry and it is far from certain the referendum will be passed.