Shane Ross (Dublin South, Independent)

There is a euro Armageddon approaching us of which we are not aware. Every weekend events happen which have the potential to sink the euro. Last weekend, we had the Spanish bailout, while next weekend there will be elections in Greece. Both those events are extraordinarily dangerous not just for the euro but also for this country and the whole of Europe. As Deputy Martin said, the Spanish deal is already unravelling. The theory that one can rescue the Spanish banks with bailout money and somehow the sovereign will then be able to enter the bond markets, has already been exploded. Today, the bond-market rate for Spanish bonds is about 6.7%. Similarly, a dangerous situation is arising in Greece.

In Italy, bond rates went above 6% this morning. Italy is the last domino in this game we are playing in Europe because we cannot afford to bail it out. What will we do if the markets, which have already turned on Italy, require that country to have a bailout? It seems to me that there is a lack of urgency and realisation of the dangerous situation we are now in. The Greek elections this coming weekend have the potential once again to rock the euro. There is no good news in this for Ireland.

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