Micheál Martin (Cork South Central, Fianna Fail)

The speculation is that the work done last week and that which will be done next week will come up short in the context of dealing with the fundamentals involved. There is also a suspicion that the issues of burden sharing, restructuring and debt will be kicked down the road until post-2013. Again, the latter is possibly as a result of domestic electoral considerations in the countries to which I referred earlier. There is a reluctance among the electorates in France, Germany and other countries to face up to the reality that obtains in the context of their banking systems and the ongoing vulnerability thereof. There appears to be a hope that this weekend European leaders will be in a position to put together a plan that will keep the show on the road and that will satisfy the markets - particularly in the context of their focus on Portugal - in the medium term. However, we must continue to ask whether what is on the table is sufficiently comprehensive to achieve what is envisaged in the short to medium term.

The former Minister for Finance, Deputy Brian Lenihan, worked hard on this issue. Contrary to what is being spun by spokespeople on the Government side, relations between EU member states and Ireland are strong and have been for quite some time. I have been a member of the General Affairs and External Relations Council and was on first rate terms with many of my colleagues. That is the factual position. I was delighted to hear the Minister of State, Deputy Lucinda Creighton, acknowledge that there is much goodwill towards Ireland. It is dishonourable to overspin about bridges being burned left, right and centre.

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