Dáil Éireann Debate, Tuesday - 7 July 2015
105. Deputy Micheál Martin asked the Minister for Finance his views on the contingency plan he and his officials have drawn up on the possibility of Greece leaving the eurozone; and if he will make a statement on the matter. [27062/15]
Amharc ar fhreagraGreece remains a full member of the euro area and it is in all our interests that this continues to be the case. However, as a member of the euro area, each Member State has obligations, and this is no different for Greece.
The second economic adjustment programme for Greece expired on 30 June and all associated financing attached has also expired. Any agreement at this stage would likely be in the form of a new programme with associated conditionality. It is in everyone's interest that an agreement is reached.
Following the result of Sunday's referendum in Greece, I hope that the Greek Government will continue discussions with fellow Member States in an effort to provide certainty for the Greek people and return stability to their economy. Ireland will continue to engage in an effort to reach a successful conclusion to any negotiations.
I will attend the Eurogroup (euro area Finance Ministers) today, where we will take stock of developments and listen to the new Greek Finance Minister. Subsequently the Taoiseach will attend the meeting of the euro area Heads of State or Government (the Euro Summit).
I am hopeful that a way forward can be found and that Greece remains in the euro area. Having said that, my officials have contingency plans in place for a number of eventualities, including the possibility of Greece leaving the euro area. In this regard, it is worth highlighting that the euro area's institutional framework has been strengthened significantly in recent years, as is evident from that the fact that the market reaction to recent developments has been relatively muted; in other words, contagion has been limited.
Finally, I would also point out that I recently met with the Governor of the Central Bank to discuss the situation, while the Governor and the Head of the NTMA recently briefed the Economic Management Council on emerging developments.
