Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

It is clear from the comments of senior spokespersons of various governments throughout Europe over the past 48 hours that they fully support the proposal to target the private savings of Cypriot citizens as part of the bailout for Cyprus. This proposal has now been rejected by the democratically elected Members of the Cypriot Parliament.

The Minister seems to fail to grasp the key issue, namely, the confidence of ordinary eurozone savers that the deposit guarantee scheme of up to €100,000 will be respected and honoured in all circumstances. There has been a breach of faith in this regard. It was news to me and millions of people across Europe that the guarantee could only be invoked in the event of, as official spokespersons put it, banks failing and that it does not apply now, as the current proposal is a fiscal measure.

The Minister failed to answer my question.

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