Government response on Greece
The Leader says Ireland supports a viable, sustainable solution for Greece, including continued funding for its banking system and greater certainty for its people.
Senator Mark Daly referred to the situation in Greece, as did many other Members. Ireland's policy is to ensure a viable and sustainable solution is agreed to. As part of this, it is essential that Greece have the funding required to support its banking system. As the governing council of the European Central Bank has been required to increase funding to support Greek banks and the Greek economic system, there is concern about how long this can be sustained. Reaching agreement on a way forward for Greece will create certainty for the Greek people and secure their future. The eurozone has an obligation to Greece at this difficult time, but Greece also has an obligation to itself. It certainly needs to reform its economy to return it to sustainable growth. I assure the House that, together with other member states, Ireland understands the difficult situation faced by the Greek people and empathises with them. That is why there has been a willingness to negotiate a way forward which takes account of the realities in Greece and the political priorities of its new democratically elected government, while respecting existing commitments. It is a very delicate balance to be struck, but I take what Members are saying on board, particularly what Senator Feargal Quinn said about democracy. It is very important that democracy be upheld and everything possible is done to solve the problem as we all know how badly the Greek people are suffering.
Senator Mark Daly spoke about the issue of light touch regulation. I thought that happened under the previous Government. Was it not a case of "no touch" regulation in the banking sector? Where Fianna Fáil is concerned, I would not comment too much.
