An independent European-based rating agency should be established, Labour leader Eamon Gilmore told the Dáil this morning.
He said that Ireland was currently in the hands of three private companies with the power, through their rating, to decide the future and the fortunes of national economies.
“There is a very serious economic set of circumstances now existing in Europe, which is concentrated at the moment in Greece,’’ he added.
“At the heart of that, decisions are being made by private companies, rating agencies, determing the credit rating of individual companies.’’
Mr Gilmore and Fine Gael leader Enda Kenny demanded a Dail debate on the State’s €1.3billion loan to Greece.
He said it was a matter of national interest how the State dealt with the Greek crisis and the contribution Ireland was making.
He understood, he said, that it would be three weeks before the legislation was brought into the House.
Tánaiste Mary Coughlan said that the legislation would be come to the Government on Tuesday and the debate would take place in the Dail the following week.
Mr Kenny said that momentous decisions would be made at tomorrow’s European heads of government meeting about the transfer of signiciant moneys to Greece.
It was the start of a very long and quite dangerous process for the EU, he added.
He said his party had requested that there should be statements in the House from Minister for Finance Brian Lenihan.
"As we speak, there is great tension right across that country, at the moment, as the parliament debates the austerity programme which will have to be implemented in some measure if Greece is to abide by the
regulations and the rules,'' he added.
Sinn Fein’s Caoimhgín Ó Caoláin demanded a debate on the job losses at Quinn Insurance.
When the Opposition challenged a vote on the Order of Business, the Government won the division by 68 votes to 65.
Meanwhile, the Tánaiste told the Dáil that the Government had set no date for the referendum on children’s rights.