Lucinda Creighton (Dublin South East, Fine Gael)

-----there now is almost unanimous positive editorial comment on the progress this small island has made in just six months. It would be big of Deputy Boyd Barrett to even acknowledge this because the contrast is clear. I do not know whether he read the editorial in the Financial Times on 1 September stating:

Ireland has made "considerable progress" in extracting itself from the emergency that forced it ... to negotiate [the] €85bn international support package [last year]. ... Wage cuts and price deflation have restored Irish competitiveness.

While this may be bad news to Deputy Boyd Barrett, it is good news to the business world, to those who seek jobs and to those who wish to see this country recover. The view of the Financial Times constitutes just one example of how international commentary with regard to the global perception of Ireland has changed utterly, which is a positive development.

The latest phase in our negotiation has resulted in the Government achieving better terms for Ireland's IMF loan. This is what this Bill will implement and I find it difficult to understand how any Member could object to that. The agreement of 21 July will result in a dramatic reduction in Ireland's interest rate. At one point, while sitting in this Chamber only three or four months ago, I was told the Government could not even achieve a 1% reduction in the interest rate. While it now has achieved a reduction in the interest rate of nearly 3%, that does not appear to satisfy Deputy Boyd Barrett either. In addition, agreement has been reached to extend the maturity on Ireland's loan repayments. This is good news for Ireland.

As I stated at the outset, it does not necessarily resolve the overall euro crisis for which I believe a much more radical solution is required. However, this Bill is good news in respect of our national self-interest and it behoves all Members to support it because it will deliver better terms and a lesser burden on the people. The difference between the Government and the line coming from the Opposition is that the former will tell the truth. It is clear that our recovery will not be painless and will not happen overnight. However, with a good deal of goodwill, skilled negotiation and realistic focus - not fanciful or fantastical demands - the Government will manage to improve the terms of its loan facility. It will continue to improve them and will ensure the burden on Irish people is lessened week by week and month by month. This is the Government's task, which it is achieving, and hopefully at some point in the future Deputy Boyd Barrett might acknowledge this.

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