Talks to finalise Irish contribution

IRELAND’s €1.3 billion contribution to the Greek bailout will not be discussed in the Dáil before Taoiseach Brian Cowen meets other European leaders tomorrow to finalise the assistance for the debt-ridden country.

Instead, there will be a full debate on the issue in the Dáil next week, after Mr Cowen tells other EU heads of state that Ireland will take part in the rescue “subject to parliamentary approval”.

Labour leader Eamon Gilmore said many people are “surprised with the size of the contribution” from Ireland, which amounts to €500 million this year and a total of €1.3bn over the next three years.

The bailout is a “momentous decision” according to Fine Gael leader, Enda Kenny, who said: “It’s the first time in many years that there’s a transfer of finance of this extent to another country.”

The opposition did not dispute the principle of the bailout but said they should have the opportunity to debate it and have their questions answered by Finance Minister Brian Lenihan.

Mr Kenny said there was “ample time” to debate the bailout in the Dáil before the meeting of EU leaders.

But the Government is still preparing the legislation to underpin the Irish contribution.

It claims the country will make a profit from it in the long term because Greece will pay back more in interest than we will pay on the borrowed money.

“A general scheme will be considered by Government next week and will be brought to the House and there will be a full debate on the matter,” said Mr Cowen.

“This agreement is first and foremost designed to safeguard financial stability in the euro-area, something that is essential for Europe and for Ireland.”