Trevor Ó Clochartaigh (Sinn Fein) | Oireachtas source

Ba mhaith liom tréaslú leis na feirmeoirí ar fad atá taobh amuigh de gheataí Teach Laighean. Is mór an méid é a fheiceáil go bhfuil muintir na hÉireann agus muintir na tuaithe - nó beithíoch - sásta dul amach ar na sráideanna ar son na rudaí atá siad ag seasamh in aghaidh.

I noted there are many Greeks on the streets today to celebrate the visit of Ms Angela Merkel to their capital. Greece is undergoing incredible austerity, which leads me to my main topic. I congratulate Ms Ann Cahill of the Irish Examiner who, on that newspaper's front page this morning, has drawn attention to the fact that the IMF has admitted its austerity measures are not working and that it is wrong. This is partly based on the annual report of the IMF. Buried three pages into the report is a statement that the organisation has made huge mistakes in imposing austerity measures and putting forward policies of austerity. This echoes the report I mentioned on the record a number of times, namely, that of the UN Committee on Trade and Development, which has also said austerity is not working. This is occurring at a time when the Finance Ministers of Europe are sitting down to set up the ESM, about which the markets are not optimistic. The markets are saying the ESM will not work because the political solutions that need to be put in place across Europe are not being put in place.

We do not see any deal on the table yet for Ireland regarding its bailout. It is timely, therefore, that we call on the Minister for Finance to come to the House to debate the bailout once more. Much new information has come to light. It is obvious that the policy of austerity is not working. Dole queues are longer and an increasing number of people are emigrating. We do not see being created the jobs we will be discussing later in our debate on SME week. It is very clear to us, therefore, that the austerity path is not the right one for Ireland. It is overly punitive and leading to the types of cuts that are being flown by Ministers with regard to social welfare, etc., which do not represent the right approach.

In Sinn Féin's opinion, the austerity path is not the right one. It is imperative the Minister for Finance attend the House to discuss the bailout and its cost, not just in financial terms, but also in human terms. The austerity cuts being imposed affect society and will have a detrimental impact for years to come.