Ruth Coppinger (Dublin West, Socialist Party)
Link to this: Individually | In context | Oireachtas source

16. To ask the Minister for Finance if he will report on his discussions with other European Union Ministers for Finance regarding Greek debt and related agreements between Greece and the European Union. [13097/15]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

On 20 February 2015, the Eurogroup noted the request from the Greek authorities for an extension of the second programme in order to allow for the successful completion of the fifth review and allow for discussions on a possible follow-up arrangement between the Eurogroup, the Institutions and Greece. 

Given the immediate financing needs, the short term focus has been on finding a successful conclusion of the 5th review to allow for the disbursement of the associated funds. In this regard, the Greek authorities agreed to present a first list of reform measures, based on the current arrangement, by 23 February, which they have done. The Institutions have provided a first view on the list of reform measures and stated that the list is sufficiently comprehensive to be a valid starting point for a successful conclusion of the review. The measures will need to be further specified and then agreed with the Institutions by the end of April.

On 9 March, the Eurogroup discussed procedural issues relating to the ongoing negotiations to conclude the fifth review of the Greek programme.

A meeting took place between Prime Minister Tsipras, the Presidents of the European Council, Commission, ECB and Eurogroup, and the leaders of Germany and France en marge of the European Council on 19-20 March, to advance progress on the list of reforms. 

The Greek authorities are currently working with the Institutions on this list of reforms and they will be brought to the Eurogroup in due course.

It is hoped that the comprehensive list of reform measures and the completion of its requirements will allow for a successful conclusion of the 5th review of the Greek programme and for disbursement of the associated funds.

In relation to Greek debt, as I have repeatedly outlined, my own view is that Greece should remain in the euro area and that sovereign debt should not be written off. However, there is - of course - some room for manoeuvre in terms of maturity extension and other ways to reduce the burden of debt. This is what we have done in Ireland, in cooperation with our European partners, with the extension of maturities on our EFSF and EFSM loans, the replacement of the promissory notes with long-term bonds and the replacement of IMF loans with cheaper market-based funding.