Micheál Martin (Cork South Central, Fianna Fail)

During the past week the European sovereign debt crisis has been growing by the day. There are major conflicts between member states and also between European institutions. Yesterday and today the financial press was and is full of very serious reports on the situation in Greece, Italy and Spain. The only clear element is that there has been a comprehensive failure to take strong, comprehensive and resolute action on the issue at a pan-European level. Europe and the markets are looking for certainty, but all they are seeing is indecision, in addition to receiving contradictory briefings. Every day some anonymous person, on behalf of one of the institutions, manages to brief and increase the sense of crisis which is genuine.

On 11 March the European Council agreed a definite statement on ensuring financial support for member states would be sustainable. This followed three months of intensive negotiations in which there was unity of purpose which has now gone. Why has the urgency shown in January and February disappeared? Does the Taoiseach support the majority of countries in wanting to restructure the Greek debt and overhaul that country's financial support package? It is clear that time has run out and that there is no more room for bickering through anonymous briefings. What is the Government's position on debt restructuring for Greece and other countries, including Ireland?

See this speech in context