Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

I have approximately five questions on this issue and the Taoiseach covered them all in his opening reply. Over recent months, there seem to have been very intense discussions taking place across Europe on actions to tackle the eurozone debt crisis. Prime Ministers have been crisscrossing the Continent holding meetings to promote their national positions and to seek agreement. It seems the Taoiseach is opting out of this role in regard to Ireland's national position on bank debt. It seems from his reply that he has not had any substantive meeting with any key player who matters regarding the bank crisis or bank debt issue and the separation of bank debt from sovereign debt since the June summit. It seems once again that the Government, particularly the Taoiseach, is sitting back and hoping something will fall into its lap such that we can claim a negotiating victory. We know this happened in June with Prime Ministers Monti and Rahoy forcing Chancellor Merkel's hand at the time. To a certain extent, we are beginning to hear her resiling from the June agreement or at least procrastinate with regard to the implementation of that agreement, which the Tánaiste described as a game changer.

The Taoiseach stated he does not want to comment on the headlines in the newspapers. With the greatest respect, they are his headlines. There has been spin. Ministers have been talking to the media and that is what is giving rise to the headlines. We need a little honesty about what is happening.

A restructuring of the promissory note is not actually a separation of sovereign debt and banking debt; rather, it is a cash-flow operation. It is beneficial if one pushes it out far enough but there is no actual separation. Ultimately, it falls on the sovereign to pay.

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