Seán Crowe (Dublin South West, Sinn Fein) | Oireachtas source

Are we supposed to say “Yippee”? Will it be a great relief to anyone struggling with a mortgage, trying to get a job, pay bills or just trying to get through the week? Well-meaning statements from Europe and its leaders without actions mean nothing. There is some suggestion Ireland may be treated differently with the European Stability Mechanism. I do not believe that can happen. Could a special deal be done on the promissory note? What everyone wants to know is will there be deal on legacy debt, when will that deal be struck and what will be the scale of recapitalisation into the pillar banks.

Much was made of the deal done at the European Council summit in June. People spoke about a seismic shift and game-changer in EU policy. We were told a deal was done and dusted and would be signed off by October, almost certainly before the budget. We are no closer to confirming a deal on our legacy debt than last June. In fact, the situation is less certain than the Government claimed in June. The whispered words of support are the pat on the back outside meetings. What seems to be happening is there is growing opposition to a deal on legacy debt. Merkel has her elections in autumn and we have our €6 billion plus mountain to climb or fall of in March. Yet, the Taoiseach still claims the June deal stands. If that is the case, why will other EU leaders not clearly state this?

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