Seanad debates

Tuesday, 7 July 2015

2:30 pm

Photo of Brian Ó DomhnaillBrian Ó Domhnaill (Fianna Fail) | Oireachtas source

We need to have some fresh air blowing through the organisation. Perhaps we might start here.

The Greek issue is not just about the debt. Everyone seems to refer to the vote in Greece, but it is a much bigger question than that. It is a question about the European Union and the future of the euro. Greece is one of 19 eurozone members and represents 2% of the European economy. Its people are suffering, but the situation will get much worse if Greece leaves the euro because there will be food rationing and rationing of other items. We should not advocate that such a situation should occur. European political leaders and bureaucrats, who perhaps are the real leaders, need to work out a refinancing and rescheduling plan. They must stop issuing threats to the European Central Bank to the effect that it cannot lend money to Greek banks. That is disgraceful and fuelling what is happening on the streets in Greece where people cannot access their own money. There are real, fundamental issues at stake about democracy and capitalism and where both concepts cross over. Capitalism is winning and democracy is losing. Unfortunately, when political leaders and politicians protect capitalism, democracy loses. We must reflect on this. European political leaders who were elected by the people in sovereign countries must also reflect on it.

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