Micheál Martin (Cork South Central, Fianna Fail)

Given that the Taoiseach saw the issue of burning the bondholders as central in the months leading up to the last general election and that as late as June of this year the Minister for Finance, Deputy Noonan, made it clear that he wanted to do the same and made an ostentatious and public announcement in that regard in the United States to RTE for all to see, I cannot understand how, at the four crisis summits he has attended, the Taoiseach has taken a very hands-off approach to this issue. He has not shown any leadership in terms of the burning of the specific bondholders and did not meet Mr. Trichet on the issue. It is clear that at the time of the appointment of Mr. Draghi as president of the ECB - I suggested in the House this was an opportunity for us to question both the role of the ECB and its policy position on the crisis - the Taoiseach did not raise the issue with him. He has not raised the issue with Chancellor Merkel and last week in the Dáil, the Minister for State confirmed that the Taoiseach was not putting the issue on the agenda for this summit.

There has been a significant change between six or nine months ago and now, namely, the restructuring of Greek debt. This was agreed at last week's summit, as were the recapitalisation plans. This creates an opportunity for Ireland to place the restructuring of its bank debt on the table, and specifically this issue. All along, the ECB would have said that would cause contagion and collapse. We do not have the details of what is involved because the communiqué is lacking in detail, but has the Taoiseach not shown a singular lack of leadership on the restructuring issue by his failure to put it on the agenda of the summit? Why did he decide not to put it on the agenda and why has he decided not even to pursue the issue? This question is not about not doing it. The Taoiseach said he would do it, but he did not. However, he did not even try to do it. Why did he not even try to do it?

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