The Fianna Fáil leader has accused Europe of playing poker with the Cypriote bailout. Micheál Martin also says he fears for a flight of money from Irish banks as a result of the plan to tax depositors.
It comes after a senior member of the Cypriot government warned that the two biggest banks there may never open again.
The comments from the Interior Minister Socrates Hasikos come following the rejection by parliament yesterday of a levy on bank savings over €20,000. The controversial measure was among the conditions attached to a €10 billion EU-IMF bailout deal for Cyprus.
The Cypriot President held emergency talks with political party leaders in Nicosia this morning to discuss the development.
Cypriot financial institutions remain closed today amid fears of a run on the banks over the plan to tax savings.
The Fianna Fail leader is calling for a special meeting of the Eurogroup and says the bailout of Cyprus should be funded entirely by the European Stability Mechanism (ESM). Mr. Martin says the situation needs to be re-addressed.
