Feargal Quinn (Independent)

I find this debate so interesting and in particular the views of Senators Hayden and Barrett. I wish they had been here in recent years to make some of those arguments. I wish Senator Barrett had been here back in 2001 when we could have heeded him. To a certain extent, however, they are talking about the past. Senator Hayden is right to mention the European movement and what went wrong in the past. Perhaps there were things we should have done differently, but we are where we are now and, therefore, the Bill is a necessary measure. We must help a fellow European member state, given that we were helped out when we needed it. The situation in Greece and some other countries in the eurozone should make us reflect more realistically on our own situation and what could have happened here. Greece is still procrastinating on introducing measures just to get back on track. I am due to visit Greece where I have friends. In reading the newspapers every day, one realises how easily that could have happened to us.

The Greek media have published a list of 15 austerity measures which, it is said, the troika was demanding the socialist government implement in order to receive the next tranche of aid. The measures include firing another 20,000 state workers, cutting or freezing state salaries and pensions, increasing heating oil tax, shutting down loss-making state organisations, cutting health spending and speeding up privatisations. How difficult will that be for them to take? One can see just how difficult it is by looking at the newspapers and television. International lenders have told Greece that it must shrink its public sector to avoid running out of money within weeks. It is a reminder of what could easily have happened to us, so we really have to be careful and wary of these developments.

The measures introduced here have allowed us to avoid many of what would otherwise have been incredibly harsh steps. It is interesting to note that one Greek newspaper suggested that the Greek Prime Minister, Mr. Papandreou, is considering calling a referendum on eurozone membership as a way of strengthening the Greek Government's hand in dealing with the debt crisis. I am not sure how this will be achieved but it is a reminder of the intensity of the situation.

In a related story, the Swiss firm, Roche, has halted shipments of cancer drugs and other medicines to a number of public hospitals in Greece after years of unpaid debts. The European Commission has denied its austerity measures are to blame for a decision by that company to stop the delivery of cancer drugs to Greek public hospitals. What is very worrying is that the company has warned Italy, Portugal and Spain, that they might be next. On the other hand, EUobserver writes that Ireland, which like Greece and Portugal is under the EU-IMF bailout, has not had any trouble paying its bills. The term, "any trouble" might not be the appropriate term. We should be thankful that we are in this situation because we have taken action to get ourselves back on track. It is the horror of what could have happened and could yet happen if we do not get it right.

We have had positive good results in recent times. The EUROSTAT figures show that our trade surplus was the third highest in the EU in the first half of the year. Our GDP increased to gain 1.6% today. There was a drop in export growth last month but we are still doing very well. There has been a 7% rise in exports over the period to €46 billion while imports rose by 9%. This is an amazing result. Ireland also has the second largest annual fall in EU hourly labour costs at 3.5% during the second quarter of 2011. We are becoming more competitive. However, I am quite concerned about the danger of complacency. The European Union noted it was pleased with Ireland's progress. There has been much bad news and doom and gloom. Both the Minister of State and I were in Drogheda recently. We listened to people who are trying to get on top of things. There is a belief that in recessionary times, nobody succeeds but I know of people have are succeeding in these tough times.

I support the Bill and I understand the Minister's intentions. This has been a good debate but we must ensure we do not become complacent.