The Minister for Finance, Brian Lenihan T.D., welcomed the agreement today by Eurogroup Ministers to endorse a three year programme of support, which has strong conditionality attached, to assist Greece.

"Today's decision will help safeguard the stability of the euro area as a whole and this stability will benefit all Eurozone member states.  Over the past week almost all member states have seen the difficulties created by the present uncertainty.

The Government is preparing national legislation to allow Ireland play its part in the provision of bilateral loans to Greece as part of this agreement.  In order to access the bilaterals loans, the Greek Government must undertake an ambitious fiscal adjustment and they have also agreed to additional and important structural reforms.  Since the beginning of the year, the Greek Government has shown its determination to address its fiscal challenges and today the Greek Council of Ministers approved the three year programme which has been negotiated with the EU Commission and the IMF, in liaison with the ECB. Like other euro area member states, we stand ready to play our part to assist and to support in these very challenging times.

The agreement provides that the funding costs of the member states participating in the financial support package will be fully covered. The details of the financial package and the conditions attached have been set out in statements made today by the Eurogroup Ministers and by the Greek authorities. They also reflect and build upon the previous statements issued by the Heads of State and Government and by the Eurogroup. Ireland's share over the three year programme, which totals €110 billion and includes €80 billion from euro area countries, would be up to €1.3 billion. 

The support euro area member states are prepared to give to Greece will be to the benefit of everyone who uses the euro."

2nd May 2010

ENDS