Arthur Spring (Kerry North-West Limerick, Labour)

I told the Deputy it would sound familiar. Greece has won a 53.5% reduction in its debt burden to private creditors, while any profits made by eurozone central banks on their holdings of Greek debt will be channelled back to Greece. It has secured a second bailout worth €130 billion and, in return, its lenders have attached strict conditions to the loan. This new bailout requires that the Greek Government considers by 2015 whether the position of 150,000 public sectors workers is sustainable. This is the gravity of the situation the Greeks are left with. As an Irishman, I am proud we are tackling the eye of the storm without having to go down the same road. I accept there will be further negative implications for Greece, which is unfortunate. As previous speakers pointed out, this measure is not enough. We must have a growth pact and the ECB must acknowledge this.

There is an element which proves that, as a Continent, we acknowledge the problems among us. Among the rich, the poor, programme countries and non-programme countries, there is a generation of people whom I call the jinxed generation - the young people of Spain, Greece, Ireland, and the migrants to whom previous speakers referred. They must be given the capacity to develop a substantial standard of living. I constantly refer to the need for quantitative easing. We know what austerity is, but we must have growth. There must be more co-operation throughout Europe. The idea that conflict is far away is nonsense given that a German flag has been burnt in Greece. It shows that people are at the end of their tether. We will take this step, which I welcome, because we are helping the Greek people. I truly believe that. However, a great deal more must be done not only for Greece but for the Continent also.

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