Pat Rabbitte (Dublin South West, Labour)

Does the Taoiseach acknowledge that recent developments have exposed fault-lines in the original euro architecture? Has the Government been compromised as a result of such developments? Given that it so recently negotiated a particular deal, is it the case that it is not well placed to exploit the mood of change that is now prevalent in the eurozone? Does he accept this was the import of what the Tánaiste told the House on Thursday morning last? I am of the view that I am paraphrasing her words fairly in stating that she indicated the interest rates, as negotiated, were manageable but that if the remainder of the eurozone improved these, the Government would go along with this. That does not seem to be a very strong position for the Government to adopt in respect of an issue that is so crucial to the national interest.

What is the Government's position on the Juncker initiative regarding the issuing of eurobonds? As I understand it, the latter are designed to close some of the fault-lines to which I refer. As a result, X proportion of debt being financed by way of eurobonds and the outstanding amount would have to be raised in the conventional marketplace.

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