Dáil Éireann Debate, Tuesday - 3 February 2015
281. Deputy Thomas P. Broughan asked the Minister for Finance if he has estimated the likely impact on the Irish fiscal situation from a write-down of Greek debt of the suggested minimum order of 50% in view of the Irish loan of €350 million to Greece, which he has referred to recently; and if he will take a leading role in ensuring economic justice for the Greek persons. [4901/15]
View answer282. Deputy Thomas P. Broughan asked the Minister for Finance if he has examined the net benefits which may accrue to Ireland from significant write-offs of Greek debt during 2015, especially in view of his and the Irish Government's piggybacking on the successful earlier efforts of previous Greek Governments to reduce repayment interest rates and alleviate repayment conditions. [4902/15]
View answerI propose to take Questions Nos. 281 and 282 together.
At the end of last year, the total amount owing to Ireland under the Greek loan facility was €347 million (0.2 per cent of GDP). This arises by way of bilateral loans provided to Greece, prior to Ireland's entry into a programme in late-2010.
The bulk of Greece's obligations are to the official sector, and policy over the past five years has been to ensure that the repayment burden is affordable. As a result, there have been maturity extensions, interest rate reductions and interest holidays by the official sector. Accordingly, there is no suggestion that there should be any writing down of Greece's debt.
