Chris Andrews (Dublin South East, Fianna Fail)

I am delighted to get a brief opportunity to contribute to the debate on this Bill, which is part of a process of solidarity. We are part of the European Union and have agreed to help Greece, which is what being in the European Union is about. We have been helped in the past by other countries, with the Germans in particular ongoing supporters and contributors to the Irish economy. When the shoe is on the other foot, we should not be found wanting. It is our time to support another small country and in many ways, Greece is similar to Ireland. We have found significant benefit in the eurozone but we must ensure stability.

As Deputy Byrne mentioned, the money will be returned. More important than the €1.3 billion over three years is the stability returned to the eurozone. That stability is not just notional and it will allow small and medium-sized enterprises to start functioning again. They will get back their confidence and banks will ensure the flow of money is available to such enterprises. The notion of stability is not theoretical but will have a significant impact on the ordinary person going to a bank for a loan, such as a businessperson employing five or six people. Small and medium-sized enterprises employ over 700,000 people in this country and are the backbone of the economy. They need this stability.

By joining other countries in supporting Greece we are getting much back. The stability will return confidence to the Irish consumer, who is still very nervous. Savings deposits are large and we must coax people to spend money again to get it running through the economy and the retail sector in particular. There are signs of improvement and a range of indicators show such improvements. The retail sector is tentatively improving and a current Minister of State, Deputy Seán Connick, advocated the introduction of a scrappage scheme in the motor sector which has made a difference. That industry has stabilised and is on the up. We are moving in the right direction slowly and steadily.

The money from the State will be pooled with other loans from euro area member states and it will be allocated by the European Commission and the ECB. It must be stated that Greece is not just getting a free meal ticket. It must introduce radical reforms which I imagine will be traumatic. It must significantly reduce public expenditure and there will be ongoing appraisal and assessments by the European Commission, which must ensure that Greece meets the criteria set down. Although we are giving much, we are getting much in return, including a stability that is important for the Irish economy.

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