Thomas Byrne (Meath East, Fianna Fail)

Tá áthas orm labhairt ar son an Bhille seo inniu. Measaim gur Bille an-tábachtach é, a thugann cabhair don Ghréig, ach a chaomhnaíonn agus a chosnaíonn an tír seo.

I take the opportunity to welcome the chairman of Kells town council, Councillor Brian Curran, and the members of Kells Tidy Towns committee who are in Dáil Éireann today. They are celebrating their 50th anniversary, which is worthy of recognition in the Dáil. I also welcome Dunshaughlin Comhairle Ceantarach Fianna Fáil, who are also in the Visitors Gallery. I see Councillor Noel Leonard and am sure Councillor Nick Killian is also there. They deserve a special welcome.

One of the most important documents provided to us by the Oireachtas Research Service - it is also in general circulation - is a letter of intent sent to the presidents of the euro group, the ECB and the European Commission by the Greek authorities, stating what the Greek Government intends to do with this money, how it intends to reduce its deficit and get the country back in order. Some of the points raised by Sinn Féin about Greek expenditure priorities probably have merit. I am not sure of the full facts. I am not aware of the full facts but defence spending, as in this country, was one to be reduced and should be examined by the Greeks. Every taxpayer is entitled to have that letter of intent from the Greek authorities because every taxpayer is contributing to what practically everybody believes is a necessary loan. Everyone is entitled to know what the Greeks are to do about their circumstances because every taxpayer in this country knows what we have had to do to get ourselves in shape. Cuts were made, jobs were lost, taxes have increased and wages have been cut; this has been done in the name of getting our finances in order without any pressure from Europe or the IMF, as in the Greek case. It has come without any pressure from the international bond markets that Sinn Féin wants to stick it to.

This country is a good example and we have more knowledge of what is involved in the process than any other country in Europe. The letter of intent is a useful document and we must hold the Greeks to what they are doing. Another important point which the Minister has raised is that we should make a profit as the rate of interest being charged on the loan should be more than what we are being charged on the international markets. That is an important point of reassurance and should always be borne in mind.

While on the topic of countries not being able to borrow efficiently and European countries and the currency in crisis, it should be seen as a significant achievement of the Government and the National Treasury Management Agency that the Government bonds this week were three times over-subscribed. In other words, three times as much money was available than was required. The Government had the courage to say that it needed to borrow to pay social welfare and for public services. It indicated that the country was on the right path and asked for the money. Three times what was required was offered from parties willing to invest in the country and its public services because there is trust in the Government to pay the money back and run the country correctly. That is the message that must be driven home.

Why is everybody around the world indicating confidence in the Government acting correctly when every day the Opposition argues that everything we do is terrible? The Labour Party bleats about left-wing politics and it is interesting that it is a socialist and left-wing government in place in Greece. Many of the parties involved in the cutbacks across Europe are sister parties of Fine Gael and Labour so for them to criticise policies we are undertaking which are reflected in their sister parties is slightly hypocritical.

It is important that we save the euro, which has been a strong bulwark for this country.

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