Oireachtas Joint and Select Committees

Wednesday, 24 September 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion

5:20 pm

Photo of Stephen DonnellyStephen Donnelly (Wicklow, Independent) | Oireachtas source

If one assumes that Ireland’s GDP is about one seventy-fifth of eurozone GDP - scaling it back to Ireland, where we understand the amount of money required - that would be about €650 million pro rata. The sum of €60 billion might sound like a lot of money, but when one brings it back to an economy that we can all understand, namely Ireland's, it would be about €660 million. It is a small amount of money. The IMF has expressed concern, as have various economic commentators. I understand Ireland is not about to go back to try to renegotiate the amount, but what is the Department’s view? Is it the case that the €60 billion is sufficient, or would the Department like to have seen a braver number?

Comments

No comments

Log in or join to post a public comment.