Fianna Fáil leader Micheál Martin has said the bank debt deal with Spain is bad for Ireland as it does not break the link between bank and sovereign debt.

Micheál Martin criticised the Government for not being assertive enough in pursuing a new deal that would break that link, saying it should build alliances with small states to seek change.

He also called for the publication of the technical paper on restructuring Ireland's bank debt, which the Government has been working on with the Troika.

Speaking to journalists outside Leinster House, he said he was "extremely concerned" about the position of the euro.

The situation is very serious, he said, and there needs to be a serious response to it by the EU.

Speaking on RTÉ's Morning Ireland, Education Minister Ruairi Quinn said it is not looking likely at this point in time that Ireland will get some relief on the banking bailout.

Mr Quinn said the Government had hoped for an innovation in the Spanish bailout that would enable some easing of the burden on Ireland.

He said separating banking debt from sovereign debt was essential in the long term, and is still a "work in progress".