Shane Ross (Dublin South, Independent)

I am glad the Taoiseach mentioned the EFSF because I wish to ask him a question about it. The Taoiseach will be aware that in about 25 minutes time Mr. Berlusconi is facing a crucial vote and the focus of Europe is moving from Greece to Italy. We are facing a situation that was unthinkable two or three months ago, the ultimate collapse of the euro. The Government's response to the present crisis appears to be for the Minister for Finance and other Government spokespersons to say that what we need is what he calls a financial firewall. We have a problem. There is no financial firewall. The EFSF is not taking off. Mr. Regling went to China last week with the begging bowl and the Chinese said "no". Mr. Putin has already said "no". Ms Angela Merkel let the cat out of the bag last week when she said that emerging markets had also said no. The EFSF is not able to raise the funds because Europe is bad news in the financial world and the markets are signalling quite clearly that the situation is worse that critical. On top of that the EFSF tried to raise €3 billion, a significant figure, last week in the markets and it pulled that particular bond sale. Yesterday, it limped over the line.

The message I am trying to give is this. If the situation continues, very shortly every country will be running for its own lifeboats. In that situation, which I hope does not arise, may I ask the Taoiseach what is plan B for Ireland?

See this speech in context