Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

The adjustment this year for our budget is €3.5 billion. The equivalent adjustment in Greece is about €9 billion, despite the write-down it has already obtained. This is Greece's third run at this. On the other arrangements put in place by the Eurogroup, there was significant private and public sector involvement. We have always said we will examine all the options and continue to negotiate the package that best suits Ireland's needs. Some of the issues extended to Greece, particularly on the extension of maturities on the EFSF, European financial stability facility, and ESM, European Stability Mechanism, moneys, are being examined by the European Commission to see if they might fit into Ireland's circumstances.

We are, however, in a different position to Greece. It is accepted internationally that Greece will be in the accident and emergency ward for a long time. We are not like that. We will be out of this programme because of the decisions the Deputies and other colleagues have supported this Government in taking over the past two years. It is important that we continue to look at the range of options that are there. The tools that apply to Greece may not automatically apply to Ireland. We are always open to looking if they can be fitted to the particular circumstances in the Irish case. This is an evolving negotiation with the end of it when the troika leaves and we are back on our feet. We are confident we can get there but we will continue to look at all of the options available. It is not honest, however, to claim the Irish debt profile, economic experience and banking position is in any way comparable to the situation that applies in Greece.

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