Enda Kenny (Mayo, Fine Gael)

The Greek situation shows what happens where there is a complete failure of confidence for investment in an economy like Greece. The process must take place; Mr Samaras was unable to form a government, and it has now passed to the next largest party and, beyond that, a judge might be appointed to run the country for a period while the possibility of further elections looms. The question of the Greek bailout that has been approved and voted for will come into focus depending on how that process goes.

As far as the agenda for growth items, the Deputy mentioned euro bonds, a sufficiently high firewall, the future role of the ECB, the capacity of the European Investment Bank to fund projects that are sustainable and worthwhile and the issue of Structural Funds that remain unspent in some countries. In Greece, €16 billion was allocated but it cannot be spent because there is no back-up from the Greek economy. Other countries, however, including this country, have plenty of projects that are sustainable and that could ahead. These issues must be examined.

I noted an interesting speech by the German Minister for Finance, Mr. Wolfgang Schåuble, where he talked about increasing rates of pay for German workers, an indication of a country in surplus that wants to spend and therefore stimulate the country while other countries are trying to deal with deficits. These are indications of attitudes emerging. I look forward to the meeting on 23 May, where we can have a strong discussion about a European summit on growth and investment. I will be happy to inform other Deputies that the Government will consider a list of potential issues we will see as providing a stimulus and an opportunity for Europe and for Ireland. Our question is to be answered on 31 May, the question of Ireland's future. A "Yes" vote will guarantee confidence and a future while a "No" vote will create confusion and uncertainty and an instinct this is not the right thing to do.

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