Regina Doherty (Meath East, Fine Gael)

I welcome the opportunity to speak to the Bill, the purpose of which is not simply to bail out Greece. It is also in the interests of the Irish economy by ensuring the financial stability of the European Union and safeguarding the financial stability of the euro as a whole. It is in all our interests to support Greece because we have been supported.

I disagree with Deputy Catherine Murphy's view that the Bill provides no hope. It provides much hope, in particular to the people of Greece, this country and Spain, as we have found ourselves in serious difficulties in recent years for a variety of reasons.

Without measures like this, we would have no hope. It is the responsibility of every euro country to provide hope for those countries in difficulty. In strengthening the crises tools within the euro area we will make further progress in integrating economic and fiscal policies and reinforcing co-ordination, surveillance and discipline which, sadly, was lacking in recent years.

It is evident from the troika's report of October 2011 that the Greek economy is in deep recession. Greece will not be able to sustain recovery without official debt relief. Ireland has benefited from a €9 billion reduction in the interest costs associated with its borrowings from EU sources. The German Chancellor, Dr. Merkel, stated in 2011 that Ireland had not only met but surpassed its deficit targets, had carried out important reforms, particularly in the financial sector, and that, on foot of rising competitiveness, investors were returning to Ireland, which was welcome. In the true spirit of the European Union it is not only equitable but fair that Greece receive similar assistance.

The new Prime Minister of Greece, Mr. Lucas Papademos, is a breadth of fresh air and a steadying force in favour of a rational approach to the enormous problems facing his country and its people. Greece has taken decisive and swift legislative action in the area of fiscal consolidation, revenue administration, pension reform, financial sector regulation and supervision and growth enhancement of structural reforms. In the spirit of solidarity with our Greek colleagues, I support the Bill which will assist a country in serious difficulty. It will be a long and painful process, but there is no other palatable alternative, politically or socially, for Greece.

The purpose of the Bill is to further facilitate, in the public interest, the financial stability of the European Union and the safeguarding of the financial stability of the euro area as a whole. In supporting Greece we are also supporting the recovery of the eurozone and the Irish economy, something of which Members on all sides should be supportive.

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