Micheál Martin (Cork South Central, Fianna Fail)

This week we had the development with regard to the intervention by the European authorities on the Spanish bank debt and the decision to recapitalise Spanish bank debt by adding €100 million to the sovereign debt of Spain. Does the Taoiseach accept it is a bad deal overall for Spain, Ireland and Europe in the sense that it represents another sticking plaster approach to the resolution of a fundamental crisis for the eurozone? In particular, I refer to the failure to break the link between sovereign debt and bank debt, which the Taoiseach said in the House last week was a desirable objective. In essence, the Spanish deal has reinforced the link between sovereign debt and bank debt and already it is beginning to unravel in the sense that there are significant doubts and uncertainty about the capacity of the Spanish Government to borrow for day-to-day services, given the increasing bond yields after yesterday's rally, which did not last very long. We are witnessing what we witnessed for the past 15 months, a piecemeal, too little too late approach to resolving the crisis in the eurozone.

Last week I asked the Taoiseach about the phone call to Chancellor Merkel. The Taoiseach said he raised the debt issue with her. He did not give us the benefit of her response. We got a partial response on the Spanish bank deal, very clearly not in favour of breaking the link between sovereign debt and bank debt. On the question of the Irish debt issue and the promissory notes, the Irish people would prefer a greater degree of openness and transparency about what the Government is negotiating for and what it is asking on behalf of the Irish people. Will the Taoiseach publish the technical paper and various scenarios on which he and his officials are working since last September? The Taoiseach needs to be more open about that issue and more assertive about the wider eurozone crisis and our position in respect of it.

The Taoiseach seems to be keeping his eyes closed, smiling and waiting for something to land in his lap. This seems to be the general minimalist, passive and acquiescent approach being adopted.

See this speech in context