Michael Noonan (Limerick City, Fine Gael)

A debt write-down has been negotiated in Greece. This is voluntary in nature and it was negotiated by the authorities with the banks which had lent money to Greece. It is worth approximately 21% of the country's debt and in quantitative terms the write-down will be in the region of €24 billion over a significant period. As stated, the write-down was voluntary and while it was a credit event, it was not deemed by the rating agencies as a default. There has not been a Greek default and I do not expect there to be one. I do not believe there should be a similar write-down in Ireland because that is the last thing we need in the current circumstances. Greece will be protected from the worst elements of what is taking place. As I indicated to Deputy Michael McGrath, it is late in the day and there are only weeks left, but action is being taken. That is how matters stand and the situation is not easy for anybody.

The Deputy has asked if we see ourselves as being equal with our European partners. Of course, we do. We have never had the inferiority complex displayed by certain other parties in the House. Ireland is equal to all the other sovereign states in Europe.

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