Michael Creed (Cork North West, Fine Gael)

Does the Minister accept that we are a pawn in a bigger game, one that is about saving the euro? Does he not also accept that the markets have not been reassured by the deal because the contagion is spreading, seeing that even the spreads on Belgian debt are coming into the equation? Does he accept that the markets know the deal is not the end game in saving the euro, given the failure to burn the senior bondholders? They know the solution is either burning the bondholders or engaging in quantitative easing, that is, getting the printing presses going, which was the American solution. What will be the consequences of this deal for Ireland, given that our hands have been tied to it, when the ECB plays its final card of quantitative easing or burning the bondholders?

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