Enda Kenny (Mayo, Fine Gael)

The Deputy's entire career has been based on resistance. His three questions ask whether I will consider conducting a fact-finding mission to Greece, if I will raise the agenda for the meeting with my European counterparts and if I will have a fringe meeting with the representatives of Portugal, Greece and Spain at the Council meeting. I have enough to do in terms of getting in there and discussing the issues that affect the country where they should be discussed.

It appears that the Deputy wishes to have the entire programme for Government implemented within the first 100 days. The strategy has not failed. We made it perfectly clear that elements of the bailout package should be changed. Negotiation took place on that and agreement was reached on changes that are to the benefit of this economy and which will, hopefully, bring a stimulus to the indigenous economy through the creation of employment and job opportunities. I also made it perfectly clear to the European Central Bank, and we reached agreement on this arising from the publication of the stress tests on the banks, that because we intended to have two main pillar banks, AIB and Bank of Ireland, there would not be a follow through in terms of burning senior bondholders in respect of those two banks. That is not the case with the subordinated bondholders. In return for that, the ECB guaranteed continued funding for Ireland irrespective of any downgrading by rating agencies.

As Deputy Martin mentioned this morning, medium-term financing would be very beneficial for every country. However, the Deputy is aware that in the European Central Bank decisions are made by the governors of the central banks in the eurozone countries. Negotiations take place with them and they obviously have their own agenda and priorities. I do not agree the strategy has failed. We did not ask to be in this EU-IMF bailout deal and our economic independence is constrained until we get out of it. That is where the Government is headed and the decisions being made by the Government will lead us to a point where we can retrieve and restore our economic independence, return to the bond markets, borrow at cheaper rates and be in charge of our economic destiny.

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