Micheál Martin (Cork South Central, Fianna Fail)

I am somewhat surprised by the response on the discussions with the Prime Ministers of The Netherlands, Austria and Finland on the most fundamental issue facing the world, the future of the euro. This is bound up with the Greek default that is on the cards and the likelihood of sovereign bondholders losing up to 50% of their money. Are we bringing any proposals to the table at all? Are we outlining to the Prime Ministers Ireland's demands that we believe should be met in the context of a Greek default and the recapitalisation of French and German banks, which is likely to happen subsequent to a Greek default? Should Ireland not now seek the opportunity to do so in respect of bank bondholders? An opportunity has been created that did not exist heretofore. There is a new set of circumstances. Surely we should put this to the leaders of Europe. The Taoiseach should have put this to the Dutch, Austrian and other Prime Ministers. At bilateral talks, we should push our agenda to them in respect of the debt position.

I agree with the Taoiseach's statement to President Barroso that we do not envisage sovereign default in Ireland. We certainly do not but there are opportunities in respect of bank bondholders, and so on, that present themselves in the context of the Greek circumstances. I am surprised this was not discussed substantively at all with the three European Prime Ministers whom the Taoiseach met.

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