Paschal Donohoe (Fine Gael)

I have called each morning on the Order of Business this week for an urgent debate on what is happening regarding Greece and the eurozone. That was supported yesterday by Senator Twomey. Senators Coffey and Ross made the same points today. Less than a year ago, commentators talked about the PIGS group of economies, which was an awful phrase. Those economies were Portugal, Ireland, Greece and Spain. As Senator Coffey pointed out, Greece has had its bonds reduced to junk value. Over the past two days, the credit ratings of Portugal and Spain have been downgraded. It is imperative we have a debate on what our Government is doing to ensure our economic security is preserved in this environment.

I support what Senator O'Toole said on the Croke Park deal. Our party believes more could be done on the reform agenda. Last Thursday, our party leader said the pay element of that deal should be supported. It is in the national interest that the Croke Park deal is agreed. People should keep in mind that their self-interest could well be served by that because of the staggering economic events that have taken place over recent days and the effect they could have on our economy.

I conclude on the point Senator Coffey made about Anglo Irish Bank. On 30 March, the Minister for Finance said the sums required to rescue the bank are enormous but the costs of winding it down are even greater. He said winding down the bank is not and was never a viable option and that as Minister for Finance, he could not countenance such a course of action. Yesterday, the Minister gave the clearest indication yet that he is countenancing that course of action when he said that an orderly wind down of Anglo Irish Bank must be examined. He went on to say there was a possibility that the exposure to the taxpayer could be further reduced by carving out of the loan book a good bank from which further profit could be made.

That is Fine Gael policy and what it has been saying for the past number of months. The Minister for Finance should come to this House and explain why he is a making the U-turn of all U-turns. What has been said to him by the Department of Finance or the European Commission for him to indicate that this is being reconsidered? That is what he said in the Dáil yesterday.