Unrepentant Cowen refuses vote on deal
Opposition leaders rounded on the Taoiseach for “selling out” the country by negotiating a “lousy” surrender during angry exchanges.
The country had been “destroyed” behind closed doors during the IMF talks, Fine Gael leader Enda Kenny insisted as he claimed the Taoiseach lost his grip and allowed unelected civil servants to decide the outline of the rescue package.
“What happened last Sunday was a demonstration of art, craft and skill of national destruction. This deal was done as if people didn’t matter, as if people didn’t count and as if people didn’t exist,” he told the Dáil as he accused the Taoiseach of lacking the courage to put the package to a parliamentary vote.
Labour leader Eamon Gilmore also claimed the Taoiseach was disregarding the Constitution by not putting the deal before TDs for approval.
He said the deal was so bad for Ireland because the IMF knew the Fianna Fáil/Green Government was on its last legs.
Mr Gilmore also expressed dismay that €17.5bn of the bailout funds would come from the nation’s reserve funds to bailout the banks when it should be used to stimulate jobs and shore up the health service.
Mr Cowen defended the IMF deal, denying the country had been unfairly treated with the 5.8% interest rate in comparison with the 5.2% level given to Greece.
He said Ireland’s loans were over a longer period and that Athens was now seeking a similar deal to the one agreed with Dublin.
Mr Cowen said the money would have needed to be borrowed to keep the country going and now it would be obtained at a rate much lower than the 9% on the bond markets.
“If we never had a banking crisis we have a situation where the level of income is much less than the level of spend. We have to obtain €19bn this year, a reducing number next year. We are funded up to July next year.”
Mr Cowen said the measure did not need to be put to a Dáil vote as it was the same as borrowing from the bond markets.
He also attacked the way opposition figures had presented the crisis, saying the only thing he was “ashamed” of was the standard of political discourse.
“Far from referring to Ireland as either banjaxed or an economic corpse, we need to recognise there are people going to work… and we need to be supportive of what they are trying to do.”
