Jerry Buttimer (Cork South Central, Fine Gael)

I welcome the Minister of State, Deputy Hayes. The communiqué at the close of the European summit stated, "The euro is at the core of our European project of peace, stability and prosperity." I am amused when I listen to Deputies Doherty and Dooley. Deputy Dooley spoke about being hostage. The people are hostage to the debauchery of his party when it was in government for the past decade and a half. Greed, poor governance and lack of respect for people have us where we are today.

I challenge Deputy Ó Snodaigh and his party. They are in Government in the north of our country. They have positions of responsibility and they are acting there but they are not acting here. They walked out of the Dáil today and then returned in two minutes because it was a set piece occasion and they had no wish to miss the television opportunity. Deputy Doherty's speech in the House tonight was a rant with no constructive or positive comment.

I pay tribute to our Taoiseach and the Minister for going to Europe and achieving re-negotiation of our position. The success of the summit depends on the implementation of the agreed measures by all signatories. The summit was an attempt by the sovereign Governments to provide reassurance and certainty to the financial markets and throughout the European zone.

I do not play the stock market but let us consider what happened in the stock market. We witnessed the sharpest decline in a five-week period because of a decision by a Greek Prime Minister to hold a referendum. Today, the Taoiseach stated that it is his decision to do as he wishes and he is correct. However, it must be about Europe and the European project. Today, the Taoiseach and the Minister for Finance were at pains to emphasise that if we renege, we have an implication for Europe.

I put it to Deputy Ó Snodaigh, who I like, that, with regard to the Anglo Irish Bank bond repayment, that what is happening today is difficult for many on this side of the House to swallow. However, the reality is that the State has already put all of its share of funding into the failed bank. Under the previous Government, some 97% of Anglo Irish Bank's liabilities were paid. When I hear Deputies Michael McGrath, Martin and Dooley I get sick. They were the people who stood in the Government chamber and paid out the money. These are the people who wanted to end the "Punch and Judy" politics, yet they are on the plinth tonight making capital from it when they were the architects of it.

The reality is that the European Central Bank did not agree to further burden-sharing and it would not be responsible to risk the entire agreement for 3% of a bank's liability. Do the Members opposite believe we should risk the gains we made for 3%? Is that what they are saying? This the reality. If we act alone, we run the risk of causing the same shock waves the Greek referendum proposal caused. This is about the future and about being responsible. The markets are volatile, as we are all aware. It is not the place of a responsible Government to cynically exploit this volatility for a quick fix or for short-sighted or short-term gain. I agree with Deputy Dooley that France and Germany have an obligation to the European project and to play the game of Europe, not the game of Sarkozy or Merkel and their attendant internal political struggles.

I commend the Government and the Minister for Finance on the responsibility they have shown and the leadership they have given. They have shown foresight and sure-footedness in re-negotiating some of the terms of the EU-IMF agreement. I look forward to their continuing efforts in further re-negotiations. The responsibility of being in Government is about bringing people along. It is about ensuring the country will be there in five months, five weeks and five years. A responsible Government will not unnecessarily risk the future of the country or its people on an uncertain outcome. This Government has not done so and will not do so.

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