Michael Noonan (Limerick City, Fine Gael)

I thank the House for agreeing to discuss the Bill in order that we can conclude the debate tonight. The Bill is needed urgently to allow Ireland to ratify the changes to the Greek loan facility to implement the new programme of assistance for Greece as agreed by the euro group Finance Ministers on 20 February 2012. I thank Deputies on all sides of the House for their constructive and considered contributions to this discussion and, although I fundamentally disagree with some, it was good to have the debate. I welcome Fianna Fail's statement that it intends to support the Bill and I appreciate the responsible and realistic stance its Members have adopted on this.

Many speakers referred to the burden of austerity facing the Greek people. Strong opinions have been raised about whether the amendment Bill and the other components of the Greek programme of assistance will be successful in restoring the Greek economy. I recognise there are sincerely held positions on all sides. However, the stated aim of these measures, as set out by the euro group president last week, is to "allow the Greek adjustment effort to regain momentum, which - together with a rigorous implementation of the agreed policy package for the new programme - constitutes the basis for putting the public finances and the economy of Greece back on a sustainable path". The Greek Parliament has discussed these issues and voted to approve the conditions attached to the new programme of assistance.

A number of Sinn Féin and socialist Members referred to the undemocratic nature of the decision-making process. There is a technocratic Prime Minister in Greece but he was put in place on the basis of all-party agreement and he drew his Ministers from the three main parties in Greece. The Finance Minister also served under former Prime Minister Papandreou. The cabinet was voted in by the Greek Parliament. We vote our Prime Minister in by parliamentary decision as well.

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