Michael McGrath (Cork South Central, Fianna Fail)

The context has now changed because of the deal struck in Brussels on 26 October with burden-sharing now being imposed on European banks which hold Greek sovereign bonds. That strengthens the case for the Government to go to Europe and to redesign the promissory note structure and to get some savings, at least on the remaining €2.8 billion of unguaranteed senior bonds left in Anglo Irish Bank and Irish Nationwide Building Society.

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