Arthur Spring (Kerry North-West Limerick, Labour)

The eurozone is in a crisis that is without parallel since the end of the Second World War. Jean-Claude Trichet put the matter aptly when he described the crisis as the most significant on the Continent in more than 70 years. Developments thus far indicate that people are not working together. In this respect I concur with some of Deputy Crowe's remarks on the European Union. At their meeting today, President Sarkozy and Chancellor Merkel summoned the Greek Prime Minister to discuss austerity measures and the proposed referendum in Greece. Whereas President Sarkozy and Chancellor Merkel have been elected, Commission President Barroso has not received a solitary vote. People who do not have an electoral mandate are bullying others on the Continent who do have a mandate. It is worrying that unelected officials are pushing people around.

Although I did not support the single currency when it was introduced, I accept membership of the euro has been good for Ireland. Without the assistance of the eurozone, we would not be able to pay teachers, nurses, gardaí and other public servants. Everyone in this country must be made aware that it costs €52 billion to run the country every year and our current income is €34 billion. We are borrowing every cent of the difference to keep the country working.

None of what is being done is nice. The €700 million to which Deputy Crowe referred could be considered the lesser of two evils. While the Government may be wrong in that regard, I trust the Ministers we have and the external advice we are receiving. Unfortunately, I do not trust the Department of Finance which made an enormous mistake when, having been informed of an accounting error to the tune of €3.6 billion, failed to act over the past 15 or 16 months. While we are losing credibility on some fronts, we are gaining it in others. Gains include agreement to reduce the interest rate on our loans, the decision to extend the terms of the loans and the possibility that we will return to the markets quicker than other programme countries.

The diplomatic offensive has started. A previous speaker referred to the British-Irish Parliamentary Assembly. When Members meet their European counterparts they tell them what action is being taken to address the country's problems. Ireland is being applauded for the measures we are taking and gaining friends who want to help at every step of the way as we try to emerge from the crisis. I met a German MP who had no idea that Ireland's problems were so bad. When I referred to a number of statistics, she asked me why people were not rioting on the streets if things were really so bad. I replied that we had responded in a peaceful manner at the ballot box. Of the three parties in the previous Government, two were obliterated at the general election and are no longer represented in the Dáil, while the third lost 75% of its seats.

Greece has taken the wrong course of action, as many of its citizens agree. Deputy Crowe is wrong to support the 50% write-down of Greek debt. If we are to believe the information provided by the Bank for International Settlements, Ireland owes Greece €800 million whereas Greece owes Ireland €8.5 billion. I do not want Ireland to be burdened with a further €4.5 billion in debt as a result of the inaction of others.

We need to remove the International Monetary Fund from our shores and everything we do in the coming years will focus on that goal. I will rejoice on the day sovereignty is returned but the country will have junk status for my first term in the House. The Government is cleaning up a mess without the benefit of sovereignty which is a difficult position to be in. I applaud some of the measures taken in the eurozone but as Deputy Wallace noted, Chancellor Merkel does not understand how bad the position is in Ireland. The International Monetary Fund and our colleagues in the eurozone need to comprehend that 130,000 young people, primarily ambitious and skilled graduates, have left our shores. This level of emigration needs to be curbed because we have a great skill base and a promising future. We need more help from Europe, including some substantial wins because the patchwork of wins we have secured is not sufficient.

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