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Debt relief essential for any future Greek deal – Reilly

6 July, 2015

Speaking today in the wake of the Greek referendum result, Sinn Féin Senator Kathryn Reilly stated that debt relief for Greece and a European debt conference are now needed in order to tackle Europe’s debt problem.

Senator Reilly said:

“It is clear that debt relief is absolutely necessary for Greece. The country needs genuine measures that will facilitate growth rather than imprison the Greek people with further economic turmoil.

“Any pragmatic person has realised that Greece’s debts are unpayable and that debt relief and restructuring are needed. The foremost economists in the world have realised and articulated this reality, and the Greek people showed that they also know that after the referendum result yesterday.

 “The International Monetary Fund only last week acknowledged that Greece will need debt restructuring, and a possible debt write-down, if it is to tackle its unsustainable debt.

“The juxtaposition between the position of the Greek government and the IMF on debt relief and that of the German government and the ECB is disconcerting.

 “There is also a need for a European debt conference in order to have a mature and rational debate on the debts of European member states. Not only would this be beneficial to Greece, but it would also be extremely favourable for Ireland and many other European countries as the restructuring of debt would be the inevitable outcome.

“The comments from certain EU leaders and MEPs throughout the past week about the Greek situation have been extremely unhelpful with some of them bordering on shameful. Their resistance to a deal for Greece including debt relief is driven by a fear of a political revolution throughout Europe once people see that there is an alternative to austerity.” 

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