Michael Noonan (Limerick East, Fine Gael)

I have a last sentence. It is probably not known in this country that Germany has gained a lot from the crisis. German bonds are a safe haven for the savings of Europeans, particularly in peripheral countries. A reasonable calculation would suggest that German debt servicing has gone down by between €15 billion and €20 billion since the start of this crisis because of the inflow of funds from elsewhere. This pitch is very uneven at present and I am growing increasingly concerned about the weight of what is being imposed on Ireland and the lack of understanding, in particular, on the part of the European institutions although the IMF, which has experience in this area, seems to be taking a more tolerant view.

See this speech in context