Michael McGrath (Cork South Central, Fianna Fail)

The EFSF is being established as a lender of last resort and will come into play following the injection of any available funding by the private sector and national governments. However, its existence will mean that countries across Europe which need to recapitalise their banks will ultimately be able to avail of a relatively cheap source of funding at a rate of approximately 3%. This highlights the exceptional case for Ireland to press for the promissory note structure to be redesigned.

Everyone wants the elements of the deal agreed on 26 October to be finalised. This will allow the Greek Government to put the matter to its people in a referendum at the earliest possible opportunity. The outcome of that referendum will indicate whether Greece will remain in the euro and whether it will accept the terms of the second bailout deal. It is clear that the situation in Greece is contaminating the remainder of the eurozone and the global economy. We must continue to focus on domestic issues and exert pressure on our colleagues across Europe in order that this matter is put to bed.

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