Seanad debates

Tuesday, 24 April 2012

Thirtieth Amendment of the Constitution (Treaty on Stability, Coordination and Governance in the Economic and Monetary Union) Bill 2012: Committee and Remaining Stages

 

Those in the Government are asking where we will get the money. The Labour Party leader and Tánaiste, at his party's national conference - I use the word "national" loosely - said that Ireland would be back to the bond markets within the next two years. He proudly proclaimed that, and if it is the case, we will not need access to the ESM funding. The Government is accusing those who are opposing the treaty of scaremongering and being inconsistent but there is a clear inconsistency at the heart of the Government's comments. On the one hand, the Taoiseach and Tánaiste are arguing that we will return to the bond markets and reclaim our sovereignty because we are making the right decisions but on the other hand they are saying that just in case that does not happen, we need the ESM as an insurance policy. We are in a bailout programme and we are financed up to the end of 2015. As a result, the issues only kick in after that time and it will only happen if the terms of the first bailout fail and we do not get to the 3% deficit target of the Stability and Growth Pact. If we fail to get to the 3% target in the bailout terms, it will prove again that austerity measures put in place since 2008 would have failed. That is the only reason we could be asked to get into a second bailout and apply for money under the ESM. Why would we lock ourselves into more austerity in that respect?

Comments

No comments

Log in or join to post a public comment.