Arthur Spring (Kerry North-West Limerick, Labour) | Oireachtas source

There are many benefits other than electoral benefits to being part of an organisation. We should attempt to get the ESM to work to our benefit. This will be done by means of a diplomatic offensive by Christian democrats and social democrats and our own diplomatic corps as well as our academics who have spoken on our behalf.

I have colleagues in the Greek Parliament who are members of PASOK, a social democratic organisation. They regard us with envy. They ask how have we achieved such growth in our economy and in job creation. In Greece, civil servants have been sacked and the current Greek ten-year bond rate is 8.5%. The largest spike in their bond rate was when they got a write-down from the European Central Bank. Their inability to borrow was such that they went to 15% in the bond market. Every country needs to have access to the private bond markets in order to be a viable investment destination and to have a viable economy. Our recovery is happening in steps. I would like us to be able to write off large chunks of national debt but there is no pixie dust or magic wand. To suggest otherwise is not practical.

I supported an opposition colleague in a high-level meeting with the NTMA and the Department of Finance. The proposal was regarded as inconceivable and inappropriate. We will facilitate any realistic proposal. However, some people take a populist stand and do not speak to EU colleagues.

The Government's objectives are to create jobs and to deal with our debt. Every step we take will be for the betterment of the people. Let no one have the cheek to say we are not doing something for the people of Ireland.

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