Arthur Morgan (Louth, Sinn Fein)

I regret I was missing yesterday for the Minister's Second Stage speech. I was caught at the Select Committee on Enterprise, Trade and Innovation. I had tabled amendments to the Competition (Amendment) Bill 2101, so it was unavoidable. I hope the Minister enjoys the pressures of a very small parliamentary party with a very small number of colleagues in the very near future as it would be a good experience for a while.

The Minister itemised a number of terms and conditions attached to the loan for Deputy Burton. In his conclusion on Second Stage he said the loan facility comes with strong conditions attached and requires the Greek authorities to address their current fiscal and economic deficit. Does that include military spending because he did not mention it when itemising some of the terms, including administrative reform?

I refer to a very reliable report which states that the Greeks are being pressurised by the French to buy six FREMM frigates worth €2.5 billion. I wonder if its military budget comes within the terms and conditions of the loan. Germany is also putting much pressure on the Greeks, including to purchase what is described as a diesel electric submarine which in test trials after so-called refurbishment was listing so the Greeks would not purchase it. There is a whole series of military hardware which the Greeks are being forced to buy from the French and Germans and all sorts of nonsense which were itemised earlier by my colleague, Deputy Ó Snodaigh. Is it reasonable for Greek public services to be cut or for Irish taxpayers to offer loans when France and Germany continue to pressure Greece into this huge military expenditure? Would it not be reasonable for the Minister to intervene when he discusses these matters on Friday with a view to introducing a little common sense before we completely lose the run of ourselves?

Does the Minister agree with his party colleague that the 5% return on this loan represents good value? Should we equate ourselves with the bondholders who Deputy Burton described as predators feasting on whatever soft prey they can find? The prey is Greece at present but it may be Ireland, Spain or Portugal next. Perhaps the Minister will indicate whether profit is a motivating factor.

Is it the Minister's opinion that international bondholders are now free of all market pressure? There appears to be no such thing as failure in the market for them because they will always be bailed out. Where do we stand on that issue?

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