Seanad debates

Wednesday, 27 June 2012

European Stability Mechanism Bill 2012: Committee and Remaining Stages

 

1:00 pm

Photo of David CullinaneDavid Cullinane (Sinn Fein)

The reason for that is because they think the policies that were pursued previously and are being pursued now are wrong. Senator Norris made the point that the reason bondholders invest in Germany and are still investing in France and elsewhere is because they believe those countries can pay the money back. They do not believe we can pay the money back because they see us continuously taking on debt which is not ours. They do not see any solution to the bank situation. They see the perceived solutions to be all talk, hollow words, smoke and mirrors and they do not see the real solutions. If the solutions were in place, the bond markets would be much more inclined to lend money to this country. I refer to different deficit reduction policies being in place that are not deflationary and do not make the situation worse, which is what is happening. The domestic economy is floundering because of the policies that are being put in place. I have given the Minister of State a comprehensive view of Sinn Féin's analysis. He will obviously disagree with the Sinn Féin position-----

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