Dara Murphy (Cork North Central, Fine Gael) | Oireachtas source

I thank the Chairman. The committee will be aware that as we speak the Eurogroup meeting, at which the Minister for Finance, Deputy Michael Noonan, is present, is taking place. Amid lack of progress, the IMF has withdrawn its negotiating team from Brussels. Even at this late stage it is still very much in everybody's interest that agreement is reached. The situation of Greek finances is very challenging and its immediate financing needs need to be addressed. Deposit outflows from the banking system have continued. There is an urgent need for agreement on the necessary structural reforms. It is imperative to conclude the fifth review and to release these disbursements. The Irish position has always been to be supportive of Greece and of the Greek people but we have very serious timelines which need to be adhered to.

The Greek Government has a responsibility to deliver for the Greek people. The meeting is ongoing as we speak and we will get a report on it within the next couple of hours. It will be the main topic at the European Council meeting next week. That is the current position.