Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

The Taoiseach has started to move away from the strongest argument for why Ireland’s case is unique. Yesterday, he returned to his partisan argument of saying all debt was incurred solely because of the decisions of the last Government. He has forgotten his words of last month when he said "Ireland was the first and only country which had a European position imposed upon it in the sense that there wasn't the opportunity, if the Government so wished, to do it their way by burning bondholders". This is Ireland’s strongest case and the Taoiseach should stop undermining it.

It appears that the sale of the State share in AIB and Bank or Ireland to the ESM, which the Taoiseach and the Minister, Deputy Noonan, spoke about in June, is no longer being sought. No explanation of this change has come forward. I would appreciate if it could be confirmed.

Yesterday, the Taoiseach also said for the first time that Ireland wants to replace an overdraft with a long-term, low-interest mortgage. This marks a further major reduction in Ireland’s negotiating position. It appears the Government is no longer seeking to have the ECB extend the terms of the promissory notes but intends converting them into standard sovereign debt to be financed by the ESM.

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