Jim Daly (Cork South West, Fine Gael) | Oireachtas source

Let us consider Germany, which has been referred to by several speakers. The Germans are effectively the paymasters. Austerity is a necessary thing. Everyone must live within their means and that is what we, as a country, must do. The people in Germany are dictating that we must do that and rightly so if they are paying the tune. I mentioned previously that the Germans are the people with 7% youth unemployment compared to countries such as Greece which has 57% youth unemployment. Greece did not adhere to the rules of finance or economics or to the basics.

The renegotiation of the deal to date has seen a reduction of €10 billion on our interest rates and a further reduction of €20 billion in repayments to be made in the next two years. That is €30 billion in total. That is as a result of negotiating and dealing with our partners. It means we can maintain our reputation and standing.

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