David Cullinane (Sinn Fein) | Oireachtas source

I ask the Leader to arrange for a debate on the need for a debt conference, which we have repeatedly requested in this House.The issue has come into sharp focus again as a result of developments in Greece and the demands being made by the Greek Government. While we all want a solution for Greece, it must be a fair and sustainable one, which will require some level of restructuring of the country's debt. Any economist worth his or her salt will agree with the statement in recent weeks by a Nobel Prize winning economist that without a debt write-down or restructuring of debt for Greece, there cannot and will not be a solution. Even if the Greek Government were to sign up to such a proposal, we would be back at the table in a short period.

A twin track approach has been required throughout this process. On one side, it is necessary to deal with fiscal problems. The Greek Government has made proposals in this area and broad agreement has been found on some of these. However, no agreement has been found on the need for a restructuring of debt. I understand last minute efforts are under way to reach agreement and debt restructuring may or may not be on the table, although we do not have any details. If that is the case, it will be a welcome development. Debt restructuring could have been done a long time ago as the bones of a deal have always been in place. The problem has been that, for political reasons, governments in Europe were not prepared to give Greece what its economy and citizens need because they were fearful of the political consequences such an agreement would have for emerging left parties across Europe. This was a wrong move by the Irish Government and some of the leaders of the European institutions.

I ask again that the Leader arrange a debate on a debt conference. Let us discuss what needs to be done to restructure debt and ensure the burden of debt placed on taxpayers and citizens in many countries across the European Union is lifted in a manner that allows the economies in question, including the Greek economy, to benefit and grow.