Paul Bradford (Fine Gael)

It is a long road from Athens to Croke Park via Dún Laoghaire. The House is always a most interesting place.

This has been an interesting and substantive debate with some excellent arguments and presentations being made. I was taken very much by Senator Ross's comment about the possibility of German withdrawal from the euro, which may be far-fetched. He argued that people are concerned the euro area could fall apart because of difficulties with the weaker members but he reasoned that there could be difficulty for the euro if the stronger countries such as Germany decided they had enough and withdrew. That may be an outside bet but we need to take notice of that. Yesterday, I read a newspaper article about the current political difficulties faced by the German Chancellor. It is interesting they are being caused within her own party and by her own allies, some of whom believe she may be giving too much leeway to her European partners, which is a little concerning.

The legislation will enable aid, assistance and order to be brought to the Greek economy and it is necessary. While it is disappointing we have reached this juncture, it is much more disappointing for Greece that it is in an economic abyss but we must assist the Greeks to work their way out of these grave difficulties. Senator Butler made a pertinent and common sense statement, on which we should all reflect. Ireland, having done so well out of membership of the Union down through the years and having drawn down essential and useful funding, is being called upon to be generous in its own right and it is appropriate that we do so. No fair minded person will have a difficulty with the legislation.

Notwithstanding what we are doing to aid the Greek people and their economy, the broader picture regarding the euro relates to the confines of the Union and its political system and economic growth and development. While restraint, austerity and savings are necessary in both Ireland and the Union, the bigger picture is growth, development and job creation. That must become the big European political project. We were debating the Lisbon treaty this time 12 months ago. The Lisbon Agenda, which addresses economic growth and development and the job creating capacity of the Union, has not been to the fore of political discourse in Ireland. The formula it proposed has remained under the radar and I am not sure how effective it has been. The follow up to the Lisbon Agenda is the 2020 Agenda. The European Commission is finalising its proposals regarding this document, which is about the future economic development of the Union. There must be a strong focus on this because it is through economic growth, development and job creation that not only will the Greeks find a way forward, but the entire Union and its peoples can move forward in relative economic security and stability. That must be the focus.

A number of Members referred to the fact the Irish position may not have been entirely dissimilar to the Greek position from a financial perspective during certain periods. Our economic picture is improving from a debt management perspective but, on the other side of the economic equation, we face significant despair, unemployment and economic difficulties, which need the attention of governments. The Minister reflected upon the progress made in bringing order to our public finances, notwithstanding the fact they are horrifically out of kilter. He also flagged once again the need for further restraint in the next budget. It is necessary that these matters are brought to our attention and that we have more substantive debate on the options available but we must concentrate much more not only on debts, restraint and cutbacks, even though they are necessary, but on offering hope and putting in place the economic formula to put people back to work.

One of the disturbing features of our economy, which is probably commonplace throughout the Continent, is the significant deposits and savings in banks and the lack of spending and generation of economic wealth. It is a major challenge for governments to encourage people and to assure them it is time again to spend and invest and time for economic activity. I hope in this House and elsewhere we will be able to reflect on that and to encourage progress in that regard over the next few crucial months.

It must be accepted that it is not only inevitable but desirable that we respond through this legislation. The Union must be more than simply a group of 27 countries joined in some sort of economic formula; it must be a family of nations where when one, two, three or four countries are in difficulty, the others must be obliged to come together to provide assistance and support. The Greek people through the budgetary options before them have huge economic difficulties and problems ahead. There will be severe restraint and cutback. At least we are trying to provide some assistance and support through the legislation and I welcome that. From a Greek, Irish and European perspective, we must try to move the debate forward as quickly and as substantially as possible towards wealth and job creation and getting the peoples of Europe back to work.