Michael D'Arcy (Fine Gael)

The big issue for people to realise is the legality of funding and how it works for countries in a bailout programme, including ourselves. Ireland paid €357 million to Greece prior to our entering our own programme. I do not have a lot to say and will not repeat what the Minister said earlier. The Bill shows the difference. It struck me that when we entered our programme we were satisfied we would meet our targets and we are doing that. At every occasion we were at pains to state that Ireland is doing what it needs to do and we are not the Greeks. I hope I do not sound condescending. That is why the private sector is involved today, and over the next few days. They will ensure that we have an agreed programme for a reduction in national debt and that it is done in a staged and agreed manner.

It is important to show where the €80 billion for the Greek economy comes from and it is stated in the Schedule if people care to look. It is important and the details are all there, including the dates for when the moneys must be repaid. The legislation shows the solidarity that exists between our partners in the European Union and the other people that will fund the Greek nation. I do not want to diminish the pain that the Greek people are experiencing. To date salaries for Greek public sector employees have decreased by about 50%. Salaries have been decreased at a time when taxes have been increased so their take home pay will be reduced by even more. That will not be easy to bear for the hundreds of thousands of employees of the Greek state along with the structural deficits that the Greek nation has operated over the past number of decades.

We cannot forget that it is people that are affected when we talk figures. Far too often, some people in the body politic say the bondholders will get their money back and the easy stuff is being thrown out. The reality is, as shown by the negotiations taking place today, it is not the bondholders that benefit because they are surrendering between 50% and 60% of what they should be repaid. I have not a lot more to say on the issue and I will not do like Senator Darragh O'Brien by giving a broad financial speech. It is important to get the Bill moving and, as the Minister said, I hope it is concluded by the middle of March in order for the funds to flow.