Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

That is what we are doing so a little modesty would not go astray. I presume the Deputy saw the statement issued by the European Commission this morning. I will quote Mr. Olivier Bailly, a Commission spokesman, who stated at a media briefing that eurozone Governments should move "quickly" to break the link between bank troubles and sovereign debt. The agreement reached in June by eurozone governments was, Mr. Bailly said, "extremely clear" in expressing a determination to sever this tie. "Our position regarding breaking the vicious circle between the banks and the sovereign is very clear," he said. "We already showed our determination that for us, this should be done quickly." The Commission, speaking for the whole Community rather than three Governments, is setting out the position, which is the position that was in the communiqué issued at the Heads of State and Government meeting on 29 June.

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