Dáil Éireann Debate, Tuesday - 3 March 2015
196. Deputy Paul Murphy asked the Minister for Finance his views on the Eurogroup's agreement with Greece on 20 February 2015; the position taken by him at this meeting, and related meetings, dealing with Greek debt and financing; and if he will make a statement on the matter. [8880/15]
View answerOn 20 February 2015, the Eurogroup noted the request from the Greek authorities for an extension of the second programme in order to allow the successful completion of the fifth review. 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 this basis, the Eurogroup on 24 February 2015 agreed to proceed with the national procedures in order to extend the current programme by up to four months. My view is that this is an appropriate approach.
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.
