European debt conference
Senator Cullinane seeks a debate on a European debt conference and challenges the Government’s opposition to debt relief and retrospective ESM funding. An interruption over his claims is ruled out of order, and he reiterates his request.
Several times over recent weeks, members of Sinn Féin and Fianna Fáil and some Independent Senators have called for a debate on the need for a debt conference. This has gained currency in Europe following the Greek election result. Time and again the Government and the Taoiseach have ruled out the notion of a debt conference which at the very least would be an opportunity for European leaders to put the issue of debt on the agenda and to discuss the range of options for European leaders. However, the Taoiseach has gone further and he has ruled out any possibility of Ireland getting any write-down on our debt or any renegotiation or retrospective recapitalisation of our banks.
Comment on this
It is not wrong. The Senator should listen to what the Taoiseach said today. The Minister for Finance said that we will not be getting any money from-----
Comment on this
I will not be called a liar in this House by a member of the Labour Party who made a lot of promises before the previous election. Senator Gilroy needs to pipe down and listen for a second. This is my opportunity on the Order of Business to put a question to the Leader. Senator Gilroy should show some respect to Members of the House.
Will the Leader arrange a debate on this issue? I am quoting what the Minister for Finance said today and yesterday. He said he does not believe that we will get any retrospective funding from the ESM. This is despite what was apparently agreed two years ago when the former leader of the Labour Party - Senator Gilroy's party - as well as Fine Gael and the Taoiseach said at the time that it was a game changer. We had the ability to apply retrospectively to the ESM to take the burden of private banking debt off the shoulders of taxpayers. All I am looking for is a debate on the issue. Several calls have been made by Members from across the House. I think it would be a good debate. We should examine all the options. Nobody is saying that these are easy solutions nor is anyone saying that we can force either Europe or the ECB to do things. However, we need to have a starting point and a strong negotiating position, and we have not had that from the Government from the get-go. It is certainly worthwhile for this House to have a debate on the issue. It seems everyone else in Europe is discussing and debating this issue, with the exception of the Irish who are one of the most indebted countries in Europe. It beggars belief. I am calling for that debate to be arranged as quickly as possible.