Green Ministers staying in power 'is outrageous'

FINE GAEL finance spokesman Michael Noonan has described as an “insult to the Constitution” the fact the two Green Party Ministers are remaining in Government.

In a stinging Dáil attack on the Green Party, he said “what they have done in terms of coalition Government is absolutely outrageous”.

“At a time when credibility and confidence and certainty was so required, and when those of us on this side of the House were tiptoeing around the issues and walking on eggs in case we get the Cabinet and the country into further difficulty, they march down the road and they go in and they make this daft announcement.”

Mr Noonan said that in the Fine Gael-Labour coalition in the 1980s when the Labour Party decided they could no longer continue, “it was discussed openly among colleagues who were friendly, and the arrangements were made for a withdrawal with the minimum of damage, and everybody was in the loop”.

“The other thing that happened is when they decided to go, they went. But a crowd that decide to go – and stay . . .”

He said the Green Party had no confidence in the Government “but they want to hang around for another few months”.

Referring to the Green Party’s comments that the public had been “misled and betrayed”, Mr Noonan said that “it seems to me they must be talking about the Minister for Finance and the Taoiseach. And they’re still in Government. They’re still using their State bicycles. They’re still enjoying the perks of office. There is still supposed to be collective responsibility.

“It’s an insult to the Constitution that the two Green Ministers are still participating in Cabinet.”

Mr Noonan was speaking during a debate on the meeting last Sunday of EU finance ministers about Ireland’s formal request for financial assistance.

He asked Minister for Finance Brian Lenihan what the terms and interest rate would be. Mr Lenihan said “they’re not agreed yet”.

The Fine Gael spokesman said he thought the interest rate for the international loans was 5 per cent, but he had received a call from someone who said it would be 7 per cent, with a nine-year payback arrangement, not three or four years. He was also told that 30 per cent of what was given would have to be put back on deposit.

“Is this all fiction? There is a lot going which isn’t true, but there’s other material going around which is true.” “Facts,” he said, “always kill rumour, but in the absence of facts rumours will fly.”

Labour finance spokeswoman Joan Burton said between €20 billion and €40 billion was needed for the banks. Money was needed to cover the fiscal deficit of €18 billion to €20 billion.

“We would need €45 billion, but maybe €60 billion because of the interest costs of the ever-growing debt.”

She pointed out that “significant” national government debt of about €11 billion sold 10, five and two years ago would fall due during the first three years. Ms Burton said “we are in a moment of peril, and so is Europe”. She said “deflating Ireland to a point where the Irish economy is killed for a long number of years” was not the road of recovery for either Ireland or the EU. She added: “I don’t know if there is an economy that has been deflated back to recovery.”

Sinn Féin Dáil leader Caoimhghín Ó Caoláin said IMF policy would mean “even more savage cuts to health and education, public service jobs and social welfare, as well as tax increases for the lower paid and the selling off of State assets”. Sinn Féin “would be the only alternative to the consensus for cuts in the forthcoming general election”.