Ned O'Keeffe (Cork East, Fianna Fail)

I thank Deputy Chris Andrews for allowing me to speak in his slot, as I have to go to another meeting. I welcome the Bill and the loan for Greece. This is about the stability of Europe and the monetary stability of the EU. It is important for Ireland that we have a strong Europe. Ireland has benefited enormously from our membership of the European Union.

We are seeing cracks and creaks in the currency. I am worried about its stability, even with this loan. Greece has got a handshake in the form of a substantial amount of money to preserve its economy. Ireland has put its shoulder to the wheel to provide this loan. It will add to our national debt, but it will make a margin of money for us and for our economic prosperity.

Ireland has worries about the European Union. Were it not for the Germans, we would not have a strong Europe. I congratulate Angela Merkel on her defence of the euro and her fight to save it, irrespective of her political decisions and her party's problems in an election in Germany. The French are also part of the system. Irish agriculture is the area that is most at risk.

I was standing at a collection point on Sunday, and I had very good collections for the Fianna Fáil Party. They were substantially up on last year. I must get Deputy Rabbitte to count the money, because I know he is good at the figures. Farmers are telling me that we do not want to return to the days of the green pound. Irish agriculture is the biggest beneficiary from our membership of the EU, and we do not want to return to the days of bargaining if the euro collapses. Irish agriculture and the food industry will be the losers if that happens. The Government has done the right thing and I congratulate the Taoiseach, the Minister for Finance and other Ministers on their involvement in the European monetary process over the last few weeks.

The world economy is in difficulty. One of today's financial newspapers reported that Vodafone suffered substantial losses in its business in India. We hear much about the Indian economy, but that is also suffering a downturn, as is the general high-tech industry. The building bubble caused the problems in Spain and Ireland. We were over-ambitious in construction and industrial development. Greece is in crisis, but it has been backed up by the 27 EU member states. Spain, Portugal and Ireland are in the same category, but these are much more disciplined countries. Ireland has led the way in putting its economy right. There was a €4 billion adjustment last year in the budget, while we are facing a €3 billion adjustment this year and I hope all the parties, including my own colleagues, accept this. If we do not face that kind of austerity and adjust our economy, then we will not be here in the years ahead and the IMF will take over from us. We would like to run our own business here independently.

We have rescued our banks. We have rescued our economy. We still have 1.8 million people in the workforce, and we should never forget that. I came into this House 28 years ago when there were only 800,000 people in the workforce and employment was at 17% to 18%. We now only have about 13% unemployment, so we are doing quite well in this situation, given the crisis that surrounds us. There is a certain buoyancy out there, and there will be growth in our economy. However, it will be slower than we would like because of our debts.

The Government is to be congratulated on its support for the euro. Its importance to Ireland cannot be dismissed in any way. I appeal to the Opposition parties to fall into line. Deputy Rabbitte is a very committed European, even though he might not agree with much of what I have said. Should anything happen to the euro, the losers will be the people of Ireland and the Irish economy. The euro is so important to us. There is a danger that it is creaking, and if anything happens, we will be the losers.

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