Dara Calleary (Mayo, Fianna Fail)

Deputy Mathews made an important point in the middle of his book review programme about the mountain of debt facing the world. That is the context we must put on this. When one hears the figure mentioned tonight in Italy of €1 trillion of debt, the figures are simply unimaginable and are repeated right across the world. The context within which he has spoken and within which we are negotiating this debate here tonight is set.

Two weeks ago, we were told we had the deal to end all deals. There was a write-down of Greek debt and a building of the stability fund, and that was to have everything sorted. The opportunity to put all of these issues on the table at European level was lost that night. There was an open goal facilitated both by the context of the negotiations and the change in management in the ECB. The change of management in the ECB possibly afforded us an opportunity to discuss all of these matters, but it was not taken. That deal came unstuck through the Greek situation and that situation has become further worsened this evening with Italy. One must ask the question: what country is next?

Until Europe gets its act together once and for all in this area, we will move with sticking plaster after sticking plaster, but the wound is still open and untreated. No matter what decisions we take here, until that is done, both here and in the United States, there will be some other crisis this time next year again and Deputy Mathews' mountain of debt will still need to be faced by people to come.

We have a chance with a new director in the ECB, a man with, hopefully, a better understanding of peripheral economies and a better understanding of the reality of the present position of countries, to push those issues forward. There is the chance of a common agreement. Everybody agrees that the stability fund needs to be built up in order to fire-proof and fire-wall economies. Could we not use the building up of that fund to ensure that Ireland gets a better deal on our debt?

There are so many open goals for the Government. All it takes is a willingness to take them on, a willingness to bring something home for real rather than tacking Ireland on to Greece and to other deals done, and claiming credit for deals that are done on that basis.

I welcome the context that Deputy Michael McGrath has put on the banking guarantee and the way it was introduced. It is amazing how quickly context is forgotten in political debate. I accept the Minister's point that he made no promises, but many of his colleagues did. Many of those sitting around the Cabinet table made explicit promises in advance of the election. We know where those promises have since gone.

We can all decide to support the motion, but the Council of Ministers and the European Council must get their act together. Regardless of how the Government views the decision of Prime Minister Papandreou to hold a referendum, the manner in which two prime ministers bullied him out of making that decision was wrong.

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