Micheál Martin (Cork South Central, Fianna Fail)

I tabled two of the three questions in this group. This is an extremely grave moment for Europe and the reason there is a need for such a summit is that in the last four months European leaders have failed to take comprehensive action as agreed to in principle in February and formally adopted at the March Eurogroup meeting. The need for changes to debt repayment terms was agreed to, but the decision on 11 March not to finalise the terms was a major error. Finance Ministers failed in their job and the leaders carried on regardless. If the situation cannot be rescued, history may view the last two European summits as a major collective failure on the part of the leaders of Europe.

Given that the ratings agencies and bond markets are now assuming there will be debt restructuring for Greece, will the Taoiseach support such a move on Thursday? On Ireland's position, there is no question that the interest rate charged on our funding will be reduced, as agreed to in principle more than four months ago. The remaining issue concerns bank bondholders. As the Taoiseach knows but may not often acknowledge, since last year it has been the Government's position to seek to restructure substantial portions of our bank debt. However, by way of its veto, the ECB has prevented this from happening. If there is movement on the Greek debt, the principle of restructuring will have been breached. Does the Taoiseach agree that our position should be that no final agreement is possible without allowing a more significant burning of other bondholders also?

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