Ireland North West MEP Pat the Cope Gallagher was speaking in the European Parliament in Strasbourg this week on the crisis in the Eurozone area.
Pat the Cope Gallagher MEP stated in Strasbourg that “the European Council meeting last Sunday in Brussels, which is to resume on Wednesday is a watershed moment for the European Union and the Single Currency.”
“EU leaders must agree to a comprehensive settlement so as to solve the crisis in Greece and to prevent contagion across the Eurozone.”
“Last week in Ireland, the Troika composed of the European Commission, the ECB and the IMF met with the Irish Government and the Fianna Fáil spokespeople on Finance as part of the quarterly review process agreed under the programme. The Troika concluded that the Programme is on track and that Ireland is making substantial progress.”
“However, Ireland’s debt sustainability remains finely balanced and recovery is very much dependent on economic recovery. The Summit conclusions on Wednesday are expected to include a substantial write down in Greek sovereign debt, possibly up to 60%.”
“As a result, I believe the Irish Government must seriously question the ECB’s insistence that the Irish State must repay the EUR 3.5 billion of unguaranteed bonds in Anglo Irish bank and Irish Nationwide. Large European banks fuelled our domestic banking sector with cheap credit and must take on board their responsibilities.”