Nicky McFadden (Longford-Westmeath, Fine Gael)

I welcome the opportunity to speak to the Euro Area Loan Facility (Amendment) Bill. Strengthening the financial sector is a key part of restoring economic growth across the eurozone and ensuring long-term sustainability. In receiving an extension of the terms of existing loans from euro states and €130 billion in funds Greece has a responsibility to implement the necessary policies that will stabilise its economy and boost growth and employment. The agreement hopes to reduce its GDP by 40% and cut its national debt by up to €107 billion. It is welcome that additional funding will be provided for the purposes of interest rate support and supporting the banking sector. Tourism, in particular, has been the lifeblood of the country's economy. It is important that the country generate other sources of finance and look to the export market and foreign direct investment.

I agree with Deputy Alex White that there should be no finger-pointing, as the Greek people are suffering. My five most recent summer holidays were spent in Greece and I know they are a hard-working people.

The loan agreement is not centred on Greece, as it has wider implications for the entire eurozone, Ireland included. The same principles apply to Greece as to Ireland and every other eurozone country. There must be a fair taxation system, a more efficient public service and an improvement in business conditions, while the availability of credit for small businesses is essential. While stabilising finances is critical, if we really want to see the European Union progress and flourish in the future, reformation cannot be focused on financial matters alone.

Since the financial crisis erupted a certain level of euroscepticism has been evident. While mistakes were made, we must be sure not to disregard the very positive aspects of our membership of the European Union. The bureaucratic nature of the eurozone and systems has made it particularly difficult for people to see these very positive aspects. What is required is political and social reform to foster a natural sense of unity among member nations. The relationship between European nations and interdependence can offer much in opening up markets and creating employment opportunities. It is not a case of them versus us and should not be viewed as such. It is in each country's interests that the other does well. To achieve this, political and social reform is needed to make clear the objective of the European project. This critical juncture is the perfect opportunity to examine the basis of the European Union and generate policies that will allow for greater political and cultural unity.

The Bill is focused on securing the future financial stability of the European Union. It offers an opportunity to eurozone nations to look to the future in a united way. Ratifying the Greek loan facility is one step in achieving this objective. The forthcoming referendum on the EU stability treaty will also have huge implications for Ireland's economic recovery. Constructive debate on the European Union is welcome. It should be discussed in an open fashion in order that any necessary improvements can be made to ensure the long-term success of the Union.

I welcome the Bill and commend the Minister for Finance for all his work and efforts in the European Union. I also commend the Minister of State, Deputy Sean Sherlock, for being here to listen to me.

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