Stephen Donnelly (Wicklow, Independent) | Oireachtas source

Spain requested that its citizens should not be asked to capitalise its banks and the ESM was specifically established to ensure that they would not be obliged to do so. Portugal requested that there would be a reduction in its borrowing costs and received one, even though our Government claims credit for this. Iceland requested that it not be obliged to pay the debts of its banks and it received a reply in the affirmative. The ECB requested many things, including the abolition of the promissory notes and the socialisation of debt.

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