Mick Wallace (Wexford, Independent)

The Minister is saying that if we were to refuse to pay the unsecured bondholders on this occasion, it would likely result in Armageddon and it would be a bit of a disaster. The rules are changing. Things are not as they were in Europe even last month, and they will change more. Bondholders will take it on the chin a lot more, and not just what they took in Greece last week. They will be taking more haircuts in the next two years. I am not saying we will fall out with the Europeans, but we need to put more pressure on Europe to give us a fairer deal. Everybody realises at this stage that bondholders will not continue to get all their money in the next two years. It is time the ECB got real and took that on board in dealing with our problems. Rather than being dogmatic with us - telling us we have to do this or that - it must give a little more leverage.

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